Cit Small Business Lending Corp Provides SBA Loan to Buy Sports Clips Franchise

Borrowing money to buy a Sports Clips franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

Sports Clips franchise loans are available to Ormond Beach, Florida entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Cit Small Business Lending Corp, based in Livingston, New Jersey, issued an SBA franchise loan for a Sports Clips franchise in 2005. We've got all the details on this Florida small business loan.

SBA Loan Borrower

SPORTS CLIPS
ORMOND BEACH, FL 32174

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812112 - Beauty Salons

Loan Approval Date

4/14/2005

Loan Approval Gross Amount

$172,500

Loan Approval from the SBA

Of the total $172,500 loan amount, the SBA guaranteed $129,375.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Sports Clips franchise. At the time of the loan, the company had 8 employees. The SBA loan application for the borrower indicated that the borrowed money would help generate 8 new jobs.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans provide smart, affordable business financing for small businesses looking to expand.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

Sport Clips

Alternative Financing

Small Business Banks in Livingston, New Jersey

Getting an SBA Loan in New Jersey