Florida SBA Loan Issued to Retail Stores Company

Would a Florida small business loan help your small business to grow and prosper? If so, you may want to talk with this Florida bank, which offers SBA loans to Florida entrepreneurs.

Getting a small business loan in Sarasota, Florida was a top priority for this small company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Colonial Bank. Here are the details on this Florida small business loan.

SBA Loan Borrower

COMPANY TYPE: RETAIL STORES
SARASOTA, FL 34231

SBA Loan Lender

COLONIAL BANK
2 N TAMIAMI TRL, STE 100
SARASOTA, FL 34236

This lender issued this particular bank 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

5999 - Retail Stores

NAICS Code

453998 - Store Retailers

Loan Approval Date

6/14/2002

Loan Approval Gross Amount

$146,600

Loan Approval from the SBA

Of the total $146,600 loan amount, the SBA guaranteed $124,610.

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 2 employees. The loan application did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Colonial Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Colonial Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Advice on Getting a Small Business Loan

SBA Banks in Sarasota, Florida

Getting a Business Loan in Florida