Fort Lauderdale, Florida Business Gets SBA-Guaranteed Funding from Citibank

Citibank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Florida entrepreneur who tapped into the power of SBA loans.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Fort Lauderdale, Florida was able to borrow $1,000,000 from Citibank. The SBA made the loan possible by guaranteeing $500,000 of this Florida small business loan.

SBA Loan Borrower

CROWN SANITARY SUPPLY INC
5553 ANGLERS AVENUE
FORT LAUDERDALE, FL 33312

SBA Loan Lender

CITIBANK
8750 DORAL BLVD, 7TH FL
MIAMI, FL 33178

This lender processed this SBA bank loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

424990 - Other Miscellaneous Nondurable Goods Merchant Wholesalers

Loan Approval Date

6/17/2004

Loan Approval Gross Amount

$1,000,000

Loan Approval from the SBA

Of the total $1,000,000 loan amount, the SBA guaranteed $500,000.

More Information on This SBA Loan

The borrower, Crown Sanitary Supply Inc, borrowed this money for an existing business. The SBA's record indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 56 employees. This SBA loan request indicated that the loan would help retain 56 existing jobs. This loan was paid in full, and was closed out on 12/22/2006.

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.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Citibank and they will explain how you can get an SBA loan for your company.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's SBA loan database.

Related Links:

Advice on Getting a Small Business Loan

SBA 7A Banks in Miami, Florida

Florida SBA 7A Lenders

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