SBA Loan from Cit Small Business Lending Corp Helps Home Furnishings Stores Company

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 Virginia Beach, Virginia business owner got a $232,200 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Virginia Beach, Virginia was able to borrow $232,200 from Cit Small Business Lending Corp. The SBA made the loan possible by guaranteeing $174,150 of this Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: HOME FURNISHINGS STORES
VIRGINIA BEACH, VA 23451

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

4/8/2002

Loan Approval Gross Amount

$232,200

Loan Approval from the SBA

Of the total $232,200 loan amount, the SBA guaranteed $174,150.

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 6 employees. This SBA loan request indicated that the loan would help retain 6 existing jobs.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Cit Small Business Lending Corp and they will explain how you can get an SBA loan for your company.

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:

Role of Business Plan When Raising Money

Find an SBA Lender in Livingston, New Jersey

Where to Get an SBA Loan New Jersey