Business Loan from Cit Small Business Lending Corp Given to Automatic Merchandising Machine Operators Company
Cit Small Business Lending Corp and the SBA work together to get business loans for growing small businesses. Here's an example of how a Missouri entrepreneur was able to get a loan to take a small business to the next level.
This growing company received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Cit Small Business Lending Corp, out of Livingston, New Jersey. The loan was granted and they received $487,000 to help grow their Owensville, Missouri business.
SBA Loan Borrower
COMPANY TYPE: AUTOMATIC MERCHANDISING MACHINE OPERATORS
OWENSVILLE, MO 65066
SBA Loan Lender
CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039
This lender provides SBA business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5962 - Automatic Merchandising Machine Operators
NAICS Code
454210 - Vending Machine Operators
Loan Approval Date
6/20/2000
Loan Approval Gross Amount
$487,000
Loan Approval from the SBA
Of the total $487,000 loan amount, the SBA guaranteed $365,250.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company
had 8 employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 7 existing jobs.
Getting an SBA Loan For Your Business
SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.
The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Cit Small Business Lending Corp had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Cit Small Business Lending Corp made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.
The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.
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:
Obtaining Funding - How to Decide How Much to Raise
Small Business Banks in Livingston, New Jersey
SBA Lenders in New Jersey