Cit Small Business Lending Corp Provides SBA Loan to Buy Sonic Drive-In Franchise

Need a loan to invest in a Sonic Drive-In 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 Sonic Drive-In franchise is doable. In 2003, Cit Small Business Lending Corp issued an SBA franchise loan to an entrepreneur in Rifle, Colorado. Because Sonic Drive-In was registered with the SBA's registry of franchises, this Colorado small business loan was issued on an expedited basis.

SBA Loan Borrower

SONIC DRIVE-IN
RIFLE, CO 81650

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.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

4/21/2003

Loan Approval Gross Amount

$1,260,000

Loan Approval from the SBA

Of the total $1,260,000 loan amount, the SBA guaranteed $945,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Sonic Drive-In franchise. At the time of the loan, the company had 65 employees. The loan application indicated that the loan would help generate 65 new jobs.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

We can help you find the best banks for small businesses in Rifle 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.

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