SBA Loan from Continl National Bank - Miami Helps Melvin Concrete Service Corp

Continl National Bank - Miami 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 Hialeah, Florida was able to borrow $56,800 from Continl National Bank - Miami. The SBA made the loan possible by guaranteeing $28,400 of this Florida small business loan.

SBA Loan Borrower

MELVIN CONCRETE SERVICE CORP
12490 NW 124 STREET
HIALEAH, FL 33178

SBA Loan Lender

CONTINL NATIONAL BANK - MIAMI
1801 SW FIRST ST
MIAMI, FL 33135

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

238110 - Poured Concrete Foundation and Structure Contractors

Loan Approval Date

7/6/2005

Loan Approval Gross Amount

$56,800

Loan Approval from the SBA

Of the total $56,800 loan amount, the SBA guaranteed $28,400.

More Information on This SBA Loan

The borrower, Melvin Concrete Service Corp, borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs. This loan was paid in full, and was closed out on 3/25/2008.

Getting an SBA Loan For Your Business

Every year, the SBA guarantees over $10 billion for loans just like this one.

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:

How to Raise Money

Banks in Miami, Florida

Getting an SBA Loan in Florida

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