Loan Census Banking News and Information
December 22, 2024  
 
 
  Business Loan Information  
 

Lakeland, Florida SBA Lenders

 

 
Loan Census SBA Loan Info

Lakeland, Florida Bank Gives SBA Loan to Eating Places Company

Thinking about meeting with a Lakeland, Florida bank about a small business loan? Here's one Florida business loan, issued by a Lakeland bank, that was approved by the SBA.

Applying for an SBA loan with Colonial Bank worked out well for our friends at one local firm in Lakeland, Florida. The business was able to get an SBA loan for $50,000. Nice!

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
LAKELAND, FL 33810

SBA Loan Lender

COLONIAL BANK
114 N TENNESSEE AVE
LAKELAND, FL 33801

This lender issued this particular SBA loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

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

6/28/2001

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

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 7 employees. The SBA loan documents did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $50,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

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SBA 7A Banks for Lakeland, Florida Loans

SBA Participating Banks in Florida