Miami, Florida Business Gets SBA-Guaranteed Funding from City National Bank Of Florida

City National Bank Of Florida and the SBA work together to get business loans for growing small businesses. Here's an example of how a Florida entrepreneur was able to get a loan to take a small business to the next level.

Cosmetic Dermatology, Inc. received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with City National Bank Of Florida, out of Miami, Florida. The loan was granted and they received $800,000 to help grow their Miami, Florida business.

SBA Loan Borrower

COSMETIC DERMATOLOGY, INC.
8798 NW 15TH STREET
MIAMI, FL 33172

SBA Loan Lender

CITY NATIONAL BANK OF FLORIDA
25 W FLAGLER ST
MIAMI, FL 33130

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

424210 - Drugs and Druggists' Sundries Merchant Wholesalers

Loan Approval Date

7/13/2006

Loan Approval Gross Amount

$800,000

Loan Approval from the SBA

Of the total $800,000 loan amount, the SBA guaranteed $720,000.

More Information on This SBA Loan

The borrower, Cosmetic Dermatology, Inc., borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 53 employees. The SBA loan application for the borrower indicated that the loan would help generate 3 new jobs and retain 50 existing jobs. This loan was paid in full, and was closed out on 12/7/2007.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. Cosmetic Dermatology, Inc. needed a loan. City National Bank Of Florida probably wouldn't have granted the loan based on the merits of the company, but with the SBA stepping up and agreeing to guarantee part of the loan, City National Bank Of Florida made the loan. The end result was that Cosmetic Dermatology, Inc. was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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 7A Banks for Miami, Florida Loans

SBA Florida Lenders

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