Tigard, Oregon Business Gets SBA-Guaranteed Funding from Cit Small Business Lending Corp

An SBA loan from Cit Small Business Lending Corp typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Tigard, Oregon business owner got a $1,360,000 loan.

This business knew how to go about getting a business bank loan. Based in Tigard, Oregon, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was Cit Small Business Lending Corp, based in Livingston, New Jersey.

SBA Loan Borrower

COMPANY TYPE: MORTGAGE AND NONMORTGAGE LOAN BROKERS
TIGARD, OR 97223

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

522310 - Mortgage and Nonmortgage Loan Brokers

Loan Approval Date

7/24/2003

Loan Approval Gross Amount

$1,360,000

Loan Approval from the SBA

Of the total $1,360,000 loan amount, the SBA guaranteed $999,980.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 44 employees. The SBA loan documents indicated that the loan would help generate 11 new jobs and retain 33 existing jobs.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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.

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