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March 29, 2024  
 
 
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Advice for Borrowing Money to Buy a Franchise

 

 
Loan Census SBA Loan Info

Corpus Christi, TX Entrepreneur Gets SBA Loan to Buy Snelling & Snelling Franchise

Need a loan to purchase a Snelling & Snelling franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Snelling & Snelling franchise? If so, here's a 2006 SBA franchise loan that you should know about. Cit Small Business Lending Corp was the lender and the entrepreneur was based in Corpus Christi, Texas.

SBA Loan Borrower

BETTY S ESCALANTE AND EMILIO E
CORPUS CHRISTI, TX 78411

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

561310 -

Loan Approval Date

5/17/2006

Loan Approval Gross Amount

$517,000

Loan Approval from the SBA

Of the total $517,000 loan amount, the SBA guaranteed $387,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Snelling & Snelling franchise. At the time of the loan, the company had 7 employees. The loan application indicated that the loan would help generate 8 new jobs and retain 1 existing job.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Cit Small Business Lending Corp had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Cit Small Business Lending Corp made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Snelling Personnel Services

Alternative Financing

Small Bank Loans in Livingston, New Jersey

SBA New Jersey Banks