California Entrepreneur Secures Financing to Buy Mountain Mike's Pizza Franchise
Need money to purchase a Mountain Mike's Pizza 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 Mountain Mike's Pizza franchise shouldn't be too tough. In 2004, Cit Small Business Lending Corp issued an SBA franchise loan to an entrepreneur in Rancho Cordova (mills), California. Because Mountain Mike's Pizza was registered with the SBA's registry of franchises, this California small business loan was issued on an expedited basis.
SBA Loan Borrower
MOUNTAIN MIKE'S
RANCHO CORDOVA (MILLS), CA 95670
SBA Loan Lender
CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039
This lender provides SBA guaranteed bank 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.
NAICS Code
722211 - Limited-Service Restaurants
Loan Approval Date
3/31/2004
Loan Approval Gross Amount
$301,000
Loan Approval from the SBA
Of the total $301,000 loan amount, the SBA guaranteed $225,750.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was used to buy a Mountain Mike's Pizza franchise. At the time of the loan, the company
had 12 employees. The SBA loan documents indicated that the loan would help retain 12 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.
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.
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