Bank Of America Gives SBA Loan to A-Almaguer Wholesale Distribut

Bank loans in Florida are tough to come by these days. We take a look at one Florida bank loan, provided by a North Carolina bank, that was approved by the SBA.

You can learn something about getting a small business loan in Miami, Florida by studying this loan to A-Almaguer Wholesale Distribut, made back in 2005. Banks like Bank Of America may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

A-Almaguer Wholesale Distribut
5540 NW 84TH AVE
MIAMI, FL 33166

SBA Loan Lender

BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255

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

424690 - Other Chemical and Allied Products Merchant Wholesalers

Loan Approval Date

2/9/2005

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

More Information on This SBA Loan

The borrower, A-Almaguer Wholesale Distribut, 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 3 employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 3 existing jobs.

Getting an SBA Loan For Your 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.

If A-Almaguer Wholesale Distribut can get an SBA loan, there's no reason you can't get an SBA loan too. The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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

Good Banks for Small Business in Charlotte, North Carolina

SBA Participating Banks in North Carolina

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.