Colonial Bank SBA Loan to Women's, Misses', And Juniors' Outerwear, N.E.C Company
Want a Florida business loan? Here's one Florida business loan that was approved by the SBA.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Miami, Florida was able to borrow $50,000 from Colonial Bank. The SBA made the loan possible by guaranteeing $40,000 of this Florida small business loan.
SBA Loan Borrower
COMPANY TYPE: WOMEN'S, MISSES', AND JUNIORS' OUTERWEAR, N.E.C
MIAMI, FL 33126
SBA Loan Lender
COLONIAL BANK
7545 N KENDALL DR
MIAMI, FL 33156
This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
2339 - Women's, Misses', and Juniors' Outerwear, N.E.C
Loan Approval Date
9/15/2000
Loan Approval Gross Amount
$50,000
Loan Approval from the SBA
Of the total $50,000 loan amount, the SBA guaranteed $40,000.
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 3 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.
Next Steps for Getting an SBA Loan
Every year, the SBA guarantees over $10 billion for loans just like this one.
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.
Related Links:
Obtaining Funding From a Venture Capitalist
Best Miami, Florida Banks for Small Business
Florida SBA 7A Banks