Company Gets a Florida Bank Loan
FloridaSBA loans are available to Florida entrepreneurs through the SBA. In this case, a Tennessee bank provides the loan.
You can learn something about getting a small business loan in Orlando, Florida by studying this loan to a local business, made back in 2005. Banks like Community So. Bank D.B.A Commun may also be willing to lend to you, given that they granted this small business loan.
SBA Loan Borrower
COMPANY TYPE: TILE AND TERRAZZO CONTRACTORS
ORLANDO, FL 32808
SBA Loan Lender
COMMUNITY SO. BANK D.B.A COMMUN
51 W MAIN ST
PARSONS, TN 38363
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
238340 - Tile and Terrazzo Contractors
Loan Approval Date
8/4/2005
Loan Approval Gross Amount
$623,000
Loan Approval from the SBA
Of the total $623,000 loan amount, the SBA guaranteed $467,250.
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 2 employees. This SBA loan request indicated that the loan would help generate 4 new jobs and retain 4 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
If you need money to start business in Orlando FL, you ought to talk with a local Orlando SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Orlando 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.
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