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November 14, 2024 |
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| Home > Small Business Lenders by State > Florida Business Loan Sources > Weston, Business Loans > Colonial Bank Weston Business Loans > Legal Services Loan | ||||
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Colonial Bank
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Colonial Bank SBA Loan to Legal Services CompanyColonial Bank has a track record as a leading provider of SBA loans. Find out how this Florida entrepreneur received an SBA loan from them. This small firm received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Colonial Bank, out of Weston, Florida. The loan was granted and they received $224,000 to help grow their Ft. Lauderdale, Florida business. SBA Loan Borrower COMPANY TYPE: LEGAL SERVICES SBA Loan Lender COLONIAL BANK This small business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 8111 - Legal Services NAICS Code 541110 - Lawyers Loan Approval Date 6/18/2001 Loan Approval Gross Amount $224,000 Loan Approval from the SBA Of the total $224,000 loan amount, the SBA guaranteed $168,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees. Getting an SBA Loan For Your Business 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. 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 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: SBA Approved Banks in Weston, Florida Getting an SBA Loan in Florida
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