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May 7, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Livingston, Business Loans > Cit Small Business Lending Corp Livingston Business Loans > Special Trade Contractors Loan | ||||
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Banks in Illinois
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Small Business Loans for Special Trade ContractorsLooking for small business loans for special trade contractors? Talk to a banker who works with the SBA. This $660,000 special trade contractors loan was issued by a New Jersey bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Lyons, Illinois was able to borrow $660,000 from Cit Small Business Lending Corp. The SBA made the loan possible by guaranteeing $495,000 of this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: SPECIAL TRADE CONTRACTORS SBA Loan Lender CIT SMALL BUSINESS LENDING CORP This lender provides SBA guaranteed business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 235990 - Special Trade Contractors Loan Approval Date 12/26/2002 Loan Approval Gross Amount $660,000 Loan Approval from the SBA Of the total $660,000 loan amount, the SBA guaranteed $495,000. 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 20 employees. The loan application indicated that the loan would help generate 5 new jobs and retain 15 existing jobs. Next Steps for Getting an SBA Loan Don't forget. To get an SBA loan, you must 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. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Cit Small Business Lending Corp and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Good Banks for Small Business in Livingston, New Jersey
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