Business Loan from Colonial Bank Given to Eating Places Company

An SBA loan from Colonial Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Englewood, Florida business owner got a $783,700 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Englewood, Florida was able to borrow $783,700 from Colonial Bank. The SBA made the loan possible by guaranteeing $587,775 of this Florida small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
ENGLEWOOD, FL 34223

SBA Loan Lender

COLONIAL BANK
160 POINTE LOOP DR
VENICE, FL 34293

This business loan was issued under the SBA's Certified Lenders Program (CLP), which means that this bank has a successful SBA lending history and a deep knowledge SBA policies and procedures.

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

7/2/2002

Loan Approval Gross Amount

$783,700

Loan Approval from the SBA

Of the total $783,700 loan amount, the SBA guaranteed $587,775.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 25 employees. The loan application did not indicate that the company promised to use the funding to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Colonial Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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.

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