Lake Worth, Florida Business Gets SBA-Guaranteed Funding from 1st United Bank

An SBA loan from 1st United Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Lake Worth, Florida business owner got a $575,000 loan.

This small firm knew how to go about getting a business bank loan. Based in Lake Worth, Florida, they applied for and received an SBA-guaranteed loan in 2002. The lending bank was 1st United Bank, based in Boca Raton, Florida.

SBA Loan Borrower

COMPANY TYPE: GROCERIES, GENERAL LINE
LAKE WORTH, FL 33467

SBA Loan Lender

1ST UNITED BANK
ONE NORTH FEDERAL HWY
BOCA RATON, FL 33432

This lender issued this SBA business 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.

SIC Code

5141 - Groceries, General Line

NAICS Code

422410 - General Line Grocery Wholesalers

Loan Approval Date

11/21/2002

Loan Approval Gross Amount

$575,000

Loan Approval from the SBA

Of the total $575,000 loan amount, the SBA guaranteed $431,250.

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 6 employees. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like 1st United Bank 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:

Business Credit Evaluation

Best Boca Raton, Florida Banks for Small Business

Florida SBA 7A Lenders