North Carolina Entrepreneur Secures Financing to Buy Sonic Drive-In Franchise

Borrowing money to buy a Sonic Drive-In franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Concord, North Carolina needed money to invest in a Sonic Drive-In franchise back in 2004. Cit Small Business Lending Corp issued an SBA franchise loan. Here are the details on this North Carolina small business loan.

SBA Loan Borrower

SONIC DRIVE-IN
CONCORD, NC 28027

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

722110 - Full-Service Restaurants

Loan Approval Date

8/30/2004

Loan Approval Gross Amount

$498,000

Loan Approval from the SBA

Of the total $498,000 loan amount, the SBA guaranteed $373,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Sonic Drive-In franchise. At the time of the loan, the company had 30 employees. The SBA loan application for the borrower indicated that the funding would help generate 30 new jobs.

Start the Process for Getting an SBA Loan Today!

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

This SBA loan was for $498,000. How would you spend $498,000 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:

Sonic Drive-In

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SBA Participating Banks in Livingston, New Jersey

New Jersey SBA Bank Lenders