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November 14, 2024 |
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| Home > Small Business Lenders by State > Florida Business Loan Sources > Miami, Business Loans > Ocean Bank Miami Business Loans > Electric Services Loan | ||||
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SBA Lenders Florida
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Entrepreneur Works With Miami, Florida Bank to Get an SBA LoanWant to talk with a Miami, Florida bank about a business loan? Here's one Florida business loan, issued by a Miami bank, that was approved by the SBA. Applying for an SBA loan with Ocean Bank worked out well for our friends at one local company in Hialeah, Florida. They received an SBA loan for $82,800. Great job! SBA Loan Borrower COMPANY TYPE: ELECTRIC SERVICES SBA Loan Lender OCEAN BANK This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 4911 - Electric Services NAICS Code 233320 - Commercial and Institutional Building Construction Loan Approval Date 1/31/2003 Loan Approval Gross Amount $82,800 Loan Approval from the SBA Of the total $82,800 loan amount, the SBA guaranteed $70,380. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 10 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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: How Much Venture Capital Is There? SBA Participating Banks in Miami, Florida
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