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| Entrepreneur Resources | Cit Small Business Lending Corp Livingston Business Loans | ||||
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Business Loans for Miami Businesses
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Miami, FL Entrepreneur Gets SBA Loan to Buy Rocky Mountain Chocolate Factory FranchiseBorrowing money to purchase a Rocky Mountain Chocolate Factory franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.
An entrepreneur in Miami, Florida needed money to invest in a Rocky Mountain Chocolate Factory franchise back in 2004. Cit Small Business Lending Corp issued an SBA franchise loan. Here are the details on this Florida small business loan. SBA Loan Borrower ROCKY MOUNTAIN CHOCOLATE FACTO SBA Loan Lender CIT SMALL BUSINESS LENDING CORP Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 445292 - Confectionery and Nut Stores Loan Approval Date 1/30/2004 Loan Approval Gross Amount $272,400 Loan Approval from the SBA Of the total $272,400 loan amount, the SBA guaranteed $204,300. More Information on This SBA Loan The borrower, Rocky Mountain Chocolate Facto, borrowed this money for a new business. This loan was used to buy a Rocky Mountain Chocolate Factory franchise. At the time of the loan, the company had 6 employees. The SBA loan application for the borrower indicated that the funding would help create 6 new jobs. This loan was paid in full, and was closed out on 8/2/2006. Getting an SBA Loan For Your Business The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. 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 SBA loan database. Related Links: Rocky Mountain Chocolate Factory Obtaining Funding - Getting Venture Capital Find an SBA Lender in Livingston, New Jersey If you are an ambitious entrepreneur or an aspiring executive looking to get involved with a startup, please take the time to learn more about Gaebler Ventures.
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