CIT Small Business Lending Corporation is the nation’s largest provider of Small Business Administration (SBA) loans. We have been designated a Preferred Lender by the SBA which gives us the authority to make credit decisions on behalf of the US government. This enables us to process loans more quickly and efficiently than many other SBA lenders so you can get the financing you need quicker.

What is an SBA Loan?

The Small Business Administration (SBA) makes loans available through participating lenders to eligible small businesses on favorable terms. The SBA offers these loans because it recognizes the importance of our nation’s small businesses.

SBA loans offer competitive rates and longer terms. In addition, they have no points, no balloon payments, and no pre-payment penalties on loans with terms less than 15 years.

Here are some of the most common uses of SBA loans:

• Purchasing or expanding real estate
  
  
• Buying a business or franchise
  
  
• Purchasing machinery and equipment
  
  
• Leasehold improvements
  
  
• Refinancing certain existing business debt
  
  
• Working capital in conjunction with the above

Who is Eligible?

Most for-profit small businesses are eligible for an SBA loan. These include manufacturing, wholesale, retail and service businesses, as well as independent or franchise businesses.

For general eligibility guidelines click on one of the products above. 

Click on the one of the product above to see details.

What are the interest rates and fees?

CIT Small Business Lending Corporation offers variable and fixed interest rates for both SBA 7(a) and SBA 504 loans. Your actual rate will be determined by a number of factors including the project size, projected loan term and the borrower’s credit profile, but the rate will never exceed The Wall Street Journal prime rate plus 2.75%, as specified by the SBA.

There are no points on an SBA 7(a) loan, although there is a low packaging fee. There is also an SBA guarantee fee that can be as low as 1.7% of the amount borrowed and it varies depending on the size of the loan. This guarantee fee can be financed as part of the loan and is paid upon closing.

What are the terms of repayment?

Please select the product above to see details.

What do I need to qualify?

The SBA needs proof that the owner is active in the business and is willing to make a reasonable commitment to it. Here are the most significant criteria that CIT Small Business Lending Corporation and the SBA look for:

• The owner must invest up to 30% and as little as 10% in a new or start-up business.
  
  
• The owner must be actively involved in the management of the business.
  
  
• All principals must show a satisfactory credit history.
  
  
• The business must demonstrate an appropriate debt/net worth ratio and adequate cash flow.

How long does it take to get approval?

Since CIT Small Business Lending Corporation has Preferred Lender status in most SBA districts, it can be just a matter of 24 hours for the SBA’s decision once we credit-approve a loan.

How should I apply?

The quickest way to apply for a SBA loan or to get more information is to submit a loan details form or call us toll-free at 1-800-713-4984. We look forward to working with you.