Raising Money for Lawyers

Looking for bank loans for lawyers? An SBA loan may be just what you've been looking for. This $1,071,000 lawyers loan was issued by a New Jersey bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Roseville, Minnesota was able to borrow $1,071,000 from Cit Small Business Lending Corp. The SBA made the loan possible by guaranteeing $803,250 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: LAWYERS
ROSEVILLE, MN 55113

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

541110 - Lawyers

Loan Approval Date

5/21/2003

Loan Approval Gross Amount

$1,071,000

Loan Approval from the SBA

Of the total $1,071,000 loan amount, the SBA guaranteed $803,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 8 employees. The loan application indicated that the loan would help retain 8 existing jobs.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Cit Small Business Lending Corp and they will explain how you can get an SBA loan for your company.

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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