Community So. Bank D.B.A Commun SBA Loan to Residential Care Facilities Company

An SBA loan from Community So. Bank D.B.A Commun typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Daytona Beach, Florida business owner got a $1,662,000 loan.

Getting a small business loan in Daytona Beach, Florida was an essential business goal for this firm back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Community So. Bank D.B.A Commun, operating out of Knoxville, Tennessee. Here are the details on this Florida small business loan.

SBA Loan Borrower

COMPANY TYPE: RESIDENTIAL CARE FACILITIES
DAYTONA BEACH, FL 32117

SBA Loan Lender

COMMUNITY SO. BANK D.B.A COMMUN
625 S GAY ST, STE 450
KNOXVILLE, TN 37902

This lender issued this loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 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.

NAICS Code

623990 - Residential Care Facilities

Loan Approval Date

1/31/2005

Loan Approval Gross Amount

$1,662,000

Loan Approval from the SBA

Of the total $1,662,000 loan amount, the SBA guaranteed $1,246,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 9 employees. The SBA loan documents did not indicate that the company planned to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Community So. Bank D.B.A Commun that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

Equity Financing

Best Knoxville, Tennessee Banks for Small Business

Getting a Business Loan in Tennessee