Cit Small Business Lending Corp Provides SBA Loan to Buy Tropical Smoothie Franchise

Borrowing money to invest in a Tropical Smoothie franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

Tropical Smoothie franchise loans are available to Tallahassee, Florida entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Cit Small Business Lending Corp, based in Livingston, New Jersey, issued an SBA franchise loan for a Tropical Smoothie franchise in 2005. We've got all the details on this Florida small business loan.

SBA Loan Borrower

TROPICAL SMOOTHIE
TALLAHASSEE, FL 32303

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

8/30/2005

Loan Approval Gross Amount

$193,700

Loan Approval from the SBA

Of the total $193,700 loan amount, the SBA guaranteed $145,275.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Tropical Smoothie franchise. At the time of the loan, the company had 5 employees. This SBA loan request indicated that the loan would help create 5 new jobs.

Next Steps for Getting an SBA Loan

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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Cit Small Business Lending Corp that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Tropical Smoothie Cafe

Obtaining Funding - How to Borrow Money

SBA 7A Banks in Livingston, New Jersey

Browse All Business Loan Sources for New Jersey