Bradenton, Florida Lender Lends Money to Motorcycle Dealers Company

Get to know Bradenton, Florida banks that specialize in SBA loans and know how to work with entrepreneurs. Community Bank Of Manatee is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Tampa, Florida starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from Community Bank Of Manatee. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: MOTORCYCLE DEALERS
TAMPA, FL 33626

SBA Loan Lender

COMMUNITY BANK OF MANATEE
6000 SR 70 EAST
BRADENTON, FL 34203

This lender issued this debt financing under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5571 - Motorcycle Dealers

Loan Approval Date

10/5/2000

Loan Approval Gross Amount

$566,900

Loan Approval from the SBA

Of the total $566,900 loan amount, the SBA guaranteed $425,175.

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 5 employees. The SBA loan documents did not indicate that the small business planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

Related Links:

Business Credit Evaluation

Where to Get an SBA Loan in Bradenton, Florida

Getting an SBA Loan in Florida