Virginia Entrepreneur Secures Financing to Buy Century 21 Franchise

Borrowing money to buy a Century 21 franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Stafford, Virginia needed money to invest in a Century 21 franchise back in 2000. Cit Small Business Lending Corp issued an SBA franchise loan. Here are the details on this Virginia small business loan.

SBA Loan Borrower

CENTURY 21 TEAM REAL ESTATE
STAFFORD, VA 22554

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.

SIC Code

6531 - Real Estate Agents and Managers

NAICS Code

531210 - Real Estate Agents and Brokers

Loan Approval Date

1/13/2000

Loan Approval Gross Amount

$304,400

Loan Approval from the SBA

Of the total $304,400 loan amount, the SBA guaranteed $228,300.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Century 21 franchise. At the time of the loan, the company had 17 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 15 existing jobs.

Start the Process for Getting an SBA Loan Today!

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Century 21 Real Estate Corporation

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SBA Participating Banks in Livingston, New Jersey

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