Cit Small Business Lending Corp SBA Loan to Commercial Bakeries Company
Cit Small Business Lending Corp is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Maryland entrepreneur who tapped into the power of SBA loans.
This small firm knew how to go about getting a business bank loan. Based in Rockville, Maryland, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Cit Small Business Lending Corp, based in Livingston, New Jersey.
SBA Loan Borrower
COMPANY TYPE: COMMERCIAL BAKERIES
ROCKVILLE, MD 20852
SBA Loan Lender
CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039
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
311812 - Commercial Bakeries
Loan Approval Date
12/21/2000
Loan Approval Gross Amount
$706,000
Loan Approval from the SBA
Of the total $706,000 loan amount, the SBA guaranteed $529,500.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company
had 112 employees. This SBA loan request indicated that the loan would help retain 112 existing jobs.
Next Steps for Getting an SBA Loan
If you are interested in getting money to start a business or already have a business and need money to expand, an SBA loan can be a great way to raise money
Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $706,000 loan. Remember, feel the fear, and do it anyway.
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:
SBIR Funding
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