SBA Loan from Cit Small Business Lending Corp Helps Retail Bakeries Company
Cit Small Business Lending Corp is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Massachusetts entrepreneur who tapped into the power of SBA loans.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Worcester, Massachusetts was able to borrow $247,000 from Cit Small Business Lending Corp. The SBA made the loan possible by guaranteeing $185,250 of this Massachusetts small business loan.
SBA Loan Borrower
COMPANY TYPE: RETAIL BAKERIES
Worcester, MA 01608
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
311811 - Retail Bakeries
Loan Approval Date
5/10/2007
Loan Approval Gross Amount
$247,000
Loan Approval from the SBA
Of the total $247,000 loan amount, the SBA guaranteed $185,250.
More Information on This SBA Loan
The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had no employees. The SBA loan application for the borrower indicated that the loan would help generate 3 new jobs.
Getting an SBA Loan For Your Business
For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.
This SBA loan was for $247,000. How would you spend $247,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.
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
Small Bank Loans in Livingston, New Jersey
New Jersey SBA Bank Lenders