Business Loan from Cit Small Business Lending Corp Given to School And Employee Bus Transportation 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 Yonkers, New York business owner got a $920,500 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Yonkers, New York was able to borrow $920,500 from Cit Small Business Lending Corp. The SBA made the loan possible by guaranteeing $690,375 of this New York small business loan.

SBA Loan Borrower

COMPANY TYPE: SCHOOL AND EMPLOYEE BUS TRANSPORTATION
YONKERS, NY 10703

SBA Loan Lender

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

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

485410 - School and Employee Bus Transportation

Loan Approval Date

12/28/2000

Loan Approval Gross Amount

$920,500

Loan Approval from the SBA

Of the total $920,500 loan amount, the SBA guaranteed $690,375.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a 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

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Cit Small Business Lending Corp so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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New Jersey SBA 7A Lenders