Cit Small Business Lending Corp Provides SBA Loan to Buy Bennigans Franchise

Need money to buy a Bennigans franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

If you live near Austin, Texas and are interested in buying a Bennigans franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2002 by Cit Small Business Lending Corp. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

BENNIGAN'S
N.E. LAKELINE MALL DR.&US 18
AUSTIN, TX 78702

SBA Loan Lender

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

This lender issued this commercial loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

8/22/2002

Loan Approval Gross Amount

$340,000

Loan Approval from the SBA

Of the total $340,000 loan amount, the SBA guaranteed $255,000.

More Information on This SBA Loan

The borrower, Bennigan's, borrowed this money for a new business. This loan was used to buy a Bennigans franchise. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the small business planned to use the funding to add employees or retain any existing employees. This loan was paid in full, and was closed out on 3/31/2005.

Great, But How Can I Get an SBA Loan for My Business?

Every year, the SBA guarantees over $10 billion for loans just like this one.

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:

Bennigan's Grill & Tavern

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SBA 7A Banks in Livingston, New Jersey

New Jersey SBA 7A Lenders

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