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November 15, 2024 |
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| Home > Small Business Lenders by State > Oregon Business Loan Sources > Livingston, Business Loans > Cit Small Business Lending Corp Livingston Business Loans > Industrial Supplies Wholesalers Loan | ||||
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Requirements for Small Business Owners On Getting a Loan
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How to Get a Loan for Industrial Supplies WholesalersLooking for business loans for industrial supplies wholesalers? An SBA loan may be just what you've been looking for. This $700,000 industrial supplies wholesalers loan was issued by a New Jersey bank. This small business knew how to go about getting a business bank loan. Based in Portland, Oregon, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Cit Small Business Lending Corp, based in Livingston, New Jersey. SBA Loan Borrower COMPANY TYPE: INDUSTRIAL SUPPLIES WHOLESALERS SBA Loan Lender CIT SMALL BUSINESS LENDING CORP As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 421840 - Industrial Supplies Wholesalers Loan Approval Date 1/22/2004 Loan Approval Gross Amount $700,000 Loan Approval from the SBA Of the total $700,000 loan amount, the SBA guaranteed $525,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 8 employees. This SBA loan request indicated that the loan would help retain 8 existing 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. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Cit Small Business Lending Corp and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Who Lends Money to Small Businesses in Livingston, New Jersey
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