Loan to Buy Fast Frame Franchise Issued By Cit Small Business Lending Corp

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

Want to borrow money to buy a Fast Frame franchise? If so, here's a 2002 SBA franchise loan that you should know about. Cit Small Business Lending Corp was the lender and the entrepreneur was based in Silver Rock, Maryland.

SBA Loan Borrower

FASTFRAME
SILVER ROCK, MD 20904

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

442299 - Home Furnishings Stores

Loan Approval Date

5/17/2002

Loan Approval Gross Amount

$153,500

Loan Approval from the SBA

Of the total $153,500 loan amount, the SBA guaranteed $115,125.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Fast Frame franchise. At the time of the loan, the company had 3 employees. The SBA loan documents indicated that the funding would help generate 3 new jobs.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Cit Small Business Lending Corp had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Cit Small Business Lending Corp made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

FASTFRAME USA INC.

Borrowing Money from Friends and Family

Where to Get an SBA Loan in Livingston, New Jersey

New Jersey SBA 7A Banks