Firm Gets a Florida Small Business Loan

Small business loans in Florida are hard to find these days. We take a look at one Florida small business loan, provided by a New York bank, that was approved by the SBA.

By giving the right information to Banco Popular North America, this Sanford, Florida business was able to get an SBA loan. To get this loan, the loan applicant gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

COMPANY TYPE: WOOD KITCHEN CABINET AND COUNTERTOP MANUFACTURING
SANFORD, FL 32771

SBA Loan Lender

BANCO POPULAR NORTH AMERICA
7 W 51ST ST, BETWEEN 5TH & 6T
NEW YORK CITY, NY 10019

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

337110 - Wood Kitchen Cabinet and Countertop Manufacturing

Loan Approval Date

9/13/2004

Loan Approval Gross Amount

$670,000

Loan Approval from the SBA

Of the total $670,000 loan amount, the SBA guaranteed $502,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help generate 25 new jobs and retain 1 existing job.

Start the Process for Getting an SBA Loan Today!

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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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