Entrepreneur Works With Livingston, New Jersey Bank to Get an SBA Loan

Get to know Livingston, New Jersey banks that specialize in business loans and know how to work with entrepreneurs. Cit Small Business Lending Corp is one such bank, as evidenced by this SBA loan to Austin Rent Way.

Finding a small business loan in Austin, Texas starts with an understanding of who else has gotten loans in the area. In this case, Austin Rent Way received funding from Cit Small Business Lending Corp Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

AUSTIN RENT WAY
4235 S CONGRESS AVE
AUSTIN, TX 78744

SBA Loan Lender

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

This lender provides SBA commercial 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

532490 - Other Commercial and Industrial Machinery and Equipment Rental and Leasing

Loan Approval Date

8/25/2006

Loan Approval Gross Amount

$1,030,000

Loan Approval from the SBA

Of the total $1,030,000 loan amount, the SBA guaranteed $772,500.

More Information on This SBA Loan

The borrower, Austin Rent Way, borrowed this money for an existing business. The SBA's record indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 7 employees. The SBA loan application for the borrower indicated that the funding would help create 7 new jobs.

Next Steps for Getting an SBA Loan

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 an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Cit Small Business Lending Corp are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's SBA loan database.

Related Links:

504 Loans

Small Bank Loans in Livingston, New Jersey

New Jersey SBA 7A Lenders

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