Loan to Buy Golden Corral restaurant Franchise Issued By Cit Small Business Lending Corp

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

If you live near Texarkana, Texas and are interested in buying a Golden Corral restaurant franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2007 by Cit Small Business Lending Corp. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

GOLDEN CORRAL
TEXARKANA, TX 75501

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

This lender issued this bank loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

4/23/2007

Loan Approval Gross Amount

$1,211,000

Loan Approval from the SBA

Of the total $1,211,000 loan amount, the SBA guaranteed $908,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Golden Corral restaurant franchise. At the time of the loan, the company had 85 employees. The SBA loan application for the borrower indicated that the loan would help retain 85 existing jobs.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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:

Golden Corral Buffet & Grill

Famous Venture Capitalists

SBA Banks in Livingston, New Jersey

Browse All Business Loan Sources for New Jersey