Entrepreneur Works With Miami, Florida Bank to Get an SBA Loan

Want to talk with a Miami, Florida bank about a business loan? Here's one Florida business loan, issued by a Miami bank, that was approved by the SBA.

Applying for an SBA loan with Ocean Bank worked out well for our friends at All Tech Electric, Inc in Hialeah, Florida. They received an SBA loan for $82,800. Great job!

SBA Loan Borrower

ALL TECH ELECTRIC, INC
1723 W 37 STREET UNIT #6
HIALEAH, FL 33012

SBA Loan Lender

OCEAN BANK
780 NW 42ND AVE
MIAMI, FL 33126

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

4911 - Electric Services - Based on Megawatt Hours not $

NAICS Code

233320 - Commercial and Institutional Building Construction

Loan Approval Date

1/31/2003

Loan Approval Gross Amount

$82,800

Loan Approval from the SBA

Of the total $82,800 loan amount, the SBA guaranteed $70,380.

More Information on This SBA Loan

The borrower, All Tech Electric, Inc, 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 10 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees.

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

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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 SBA loan database.

Related Links:

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SBA Participating Banks in Miami, Florida

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If you are an ambitious entrepreneur or an aspiring executive looking to get involved with a startup, please take the time to learn more about Gaebler Ventures.