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May 8, 2024 |
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| Home > Small Business Lenders by State > Ohio Business Loan Sources > Livingston, Business Loans > Cit Small Business Lending Corp Livingston Business Loans > Electronic Parts And Equipment Wholesalers Loan | ||||
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Raising Money in Richfield, Ohio With SBA Loans
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Richfield, Ohio Entrepreneur Gets a Business LoanOhioBusiness loans are available to Ohio business owners through the SBA. In this case, a New Jersey bank provides the loan. By giving the right information to Cit Small Business Lending Corp, this Richfield, Ohio business was able to get an SBA loan. To get this loan, the business owner gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: ELECTRONIC PARTS AND EQUIPMENT WHOLESALERS SBA Loan Lender CIT SMALL BUSINESS LENDING CORP This bank loan was issued by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a comprehensive analysis of the loan application and, in return, SBA promises a quick answer on whether the loan qualifies. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 421690 - Electronic Parts and Equipment Wholesalers Loan Approval Date 12/11/2003 Loan Approval Gross Amount $692,000 Loan Approval from the SBA Of the total $692,000 loan amount, the SBA guaranteed $519,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 12 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees. Getting an SBA Loan For Your Business 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. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Cit Small Business Lending Corp that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Realistic Debt Financing Options Best Banks for Small Business in Livingston, New Jersey
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