Small Business Loans
Small businesses everywhere rely on CIT Bank - Small Business Lending, for their diverse financing needs. As a Small Business Administration (SBA) Preferred Lender, we offer SBA 7(a) loans for:
Commercial Real Estate Financing
By providing SBA 7(a) loans, we can meet a variety of your real estate financing needs.
We offer:
- Small business loans from $350,000 to $5 million
- Up to 90% financing
- Purchase, refinance, construction or expansion
- Terms up to 25 years
- No balloon payments
- Fixed and variable rates
- Owner-occupied properties only
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Business Acquisition
We understand that intangible assets are often the most valuable in an acquisition, a customer list, a trademark, a patent or other goodwill. We consider a company's true potential, then provide the kind of financing your acquisition needs for long-term success.
We offer:
- Small business loans from $350,000 to $2 million
- Up to 80% financing
- Working capital and new equipment financing are available as part of the loan
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Franchise Financing
Many franchisees use SBA loans to meet their financing needs. That's why so many franchiseees turn to CIT Bank - Small Business Lending, a Small Business Administration (SBA) Preferred Lender.
We provide franchisees with loans to meet a variety of franchise financing needs:
- Start-up in a new location
- Acquisition of an existing location
- Refinance
- Re-branding
Our loan terms are structured to accommodate a wide range of franchise concepts:
- Small business loans from $350,000 to $3 million
- Up to 80% financing
- Terms up to 25 years with real estate or 10 years without real estate
We have reviewed and assigned lending criteria to a wide variety of franchises, so we have the expertise to get your franchise operation open and generating sales quickly and efficiently.
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Construction Loans
We offer SBA loans for new construction, alterations, additions, acquisitions and leasehold improvements.
SBA loans offer a number of advantages, including:
- Up to 90% financing
- Terms up to 25 years
- No balloon payments
- Variable and fixed rates
Funds can be used to cover both hard costs and some soft costs associated with your construction project. They can include land acquisition, building construction or improvements, all fees, appraisal, title work, searches, surveys, machinery/equipment, furniture, fixtures and working capital.
Our interests are long term
A construction project is a complex business. Our experienced staff and policies are in place to facilitate dealing with construction lending. And we're still there for you after the project is complete.
At CIT Bank - Small Business Lending, we're interested in your business' lasting success.
Once and done
Best of all, a construction loan from us automatically converts to long-term financing once the construction project is completed. This means you don't need to apply for another mortgage or a bridge loan.
Apart from the considerable convenience that this offers, you'll also have just one closing, one set of closing costs, and one lender.
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Business Succession Financing
You've worked hard to build your business to its current level of success. Selling to a partner or manager can help ensure its continued success for years to come.
We can help with:
- Up to 90% financing of the sale of your business to a manager
- Up to 90% financing of the sale of your business to a partner/shareholder
- Working capital and new equipment financing are available as part of the loan
- Sales can be financed over 10 to 25 years (with real estate) with no balloons
- In most cases, the seller will not be required to finance any of the sales price and will receive cash at closing rather than over a period of several years
- Loans up to $3 million available
CIT Bank - Small Business Lending will work with you or your financial advisor to help you structure the best transaction for the sale of your business.
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