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May 2, 2024 |
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| Home > Small Business Lenders by State > Connecticut Business Loan Sources > Livingston, Business Loans > Cit Small Business Lending Corp Livingston Business Loans > Physical Fitness Facilities Loan | ||||
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Cit Small Business Lending Corp
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SBA Loan from Cit Small Business Lending Corp Helps Physical Fitness Facilities CompanyCit Small Business Lending Corp has a track record as a leading provider of SBA loans. Find out how this Connecticut entrepreneur received an SBA loan from them. This growing company knew how to go about getting a business bank loan. Based in West Hartford, Connecticut, they applied for and received an SBA-guaranteed loan in 2003. The lending bank was Cit Small Business Lending Corp, based in Livingston, New Jersey. SBA Loan Borrower COMPANY TYPE: PHYSICAL FITNESS FACILITIES SBA Loan Lender CIT SMALL BUSINESS LENDING CORP This commercial loan was financed by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a thorough analysis of the loan application and, in return, SBA delivers a fast loan decision. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7991 - Physical Fitness Facilities NAICS Code 713940 - Fitness and Recreational Sports Centers Loan Approval Date 2/27/2003 Loan Approval Gross Amount $180,000 Loan Approval from the SBA Of the total $180,000 loan amount, the SBA guaranteed $135,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 50 employees. This SBA loan request did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan Many small businesses receive loans backed by the U.S. Small Business Administration. 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: Obtaining Funding - How to Decide How Much to Raise Banks in Livingston, New Jersey
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