Borrow Money to Buy a Big O Tires dealers Franchise

Borrowing money to invest in a Big O Tires dealers franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Big O Tires dealers franchise? If so, here's a 2004 SBA franchise loan that you should know about. Cit Small Business Lending Corp was the lender and the entrepreneur was based in Phoenix, Arizona.

SBA Loan Borrower

HA PRO TIRE, INC.
PHOENIX, AZ 85048

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

441320 - Tire Dealers

Loan Approval Date

4/21/2004

Loan Approval Gross Amount

$1,365,000

Loan Approval from the SBA

Of the total $1,365,000 loan amount, the SBA guaranteed $1,023,750.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Big O Tires dealers franchise. At the time of the loan, the company had 9 employees. The SBA loan documents indicated that the loan would help generate 9 new jobs.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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:

Big O Tires, Inc.

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Where to Get an SBA Loan in Livingston, New Jersey

Getting an SBA Loan in New Jersey