Commercial Loans for Physicians

Looking for commercial loans for physicians? The SBA may be the answer. This $400,000 physicians loan was issued by a New Jersey bank.

This small business received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Cit Small Business Lending Corp, out of Livingston, New Jersey. The loan was granted and they received $400,000 to help grow their O'Fallon, Missouri business.

SBA Loan Borrower

COMPANY TYPE: PHYSICIANS
O'FALLON, MO 63366

SBA Loan Lender

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

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

621111 - Physicians

Loan Approval Date

7/26/2004

Loan Approval Gross Amount

$400,000

Loan Approval from the SBA

Of the total $400,000 loan amount, the SBA guaranteed $300,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. This SBA loan request indicated that the loan would help create 5 new jobs.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Getting a Small Business Loan

SBA Participating Banks in Livingston, New Jersey

New Jersey SBA 7A Lenders