Phoenix, AZ Entrepreneur Gets SBA Loan to Buy Planet Beach Franchise

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

Getting money to buy a Planet Beach franchise may simply require a phone call to a local SBA banker. In 2003, Cit Small Business Lending Corp issued an SBA franchise loan to an entrepreneur in Phoenix, Arizona. Because Planet Beach was registered with the SBA's registry of franchises, this Arizona small business loan was issued on an expedited basis.

SBA Loan Borrower

PLANET BEACH TANNING SALON
PHOENIX, AZ 85020

SBA Loan Lender

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

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812990 - Personal Services

Loan Approval Date

9/22/2003

Loan Approval Gross Amount

$251,400

Loan Approval from the SBA

Of the total $251,400 loan amount, the SBA guaranteed $188,550.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Planet Beach franchise. At the time of the loan, the company had 4 employees. The loan application indicated that the borrowed money would help create 4 new jobs.

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

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:

Planet Beach Tanning Spa

Advice on Getting a Small Business Loan

Banks in Livingston, New Jersey

New Jersey SBA 7A Lenders