Cit Small Business Lending Corp Provides SBA Loan to Buy Fantastic Sam's Franchise

Need money to purchase a Fantastic Sam's franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

Fantastic Sam's franchise loans are available to Pompano 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 Fantastic Sam's franchise in 2000. We've got all the details on this Florida small business loan.

SBA Loan Borrower

FANTASTIC SAM'S
POMPANO BEACH, FL 33062

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.

SIC Code

7231 - Beauty Shops

NAICS Code

812112 - Beauty Salons

Loan Approval Date

4/28/2000

Loan Approval Gross Amount

$55,000

Loan Approval from the SBA

Of the total $55,000 loan amount, the SBA guaranteed $44,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Fantastic Sam's franchise. At the time of the loan, the company had 5 employees. The loan application indicated that the funding would help generate 5 new jobs.

Getting an SBA Loan For Your Business

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Fantastic Sams

Strategic Investors

Banks in Livingston, New Jersey

Where to Get an SBA Loan New Jersey