Cit Small Business Lending Corp Provides SBA Loan to Buy Snap Fitness Franchise

Need money to buy a Snap Fitness franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Richmond, Virginia needed money to invest in a Snap Fitness franchise back in 2007. Cit Small Business Lending Corp issued an SBA franchise loan. Here are the details on this Virginia small business loan.

SBA Loan Borrower

SNAP FITNESS
RICHMOND, VA 23229

SBA Loan Lender

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

This lender provides SBA small business 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

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

3/27/2007

Loan Approval Gross Amount

$185,200

Loan Approval from the SBA

Of the total $185,200 loan amount, the SBA guaranteed $138,900.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Snap Fitness franchise. At the time of the loan, the company had 2 employees. The loan application indicated that the loan would help generate 1 new job and retain 3 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.

We can help you find the best banks for small businesses in Richmond or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Snap Fitness

Microlending as a Small Business Funding Source

Small Business Banks in Livingston, New Jersey

Getting an SBA Loan in New Jersey