Miami, Florida Business Gets SBA-Guaranteed Funding from California Bank & Trust

An SBA loan from California Bank & Trust typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Miami, Florida business owner got a $42,500 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Miami, Florida was able to borrow $42,500 from California Bank & Trust. The SBA made the loan possible by guaranteeing $21,250 of this Florida small business loan.

SBA Loan Borrower

METRO LATIN AMERICAN CAFETERIA
6600 NW 72ND AVENUE
MIAMI, FL 33166

SBA Loan Lender

CALIFORNIA BANK & TRUST
2399 GATEWAY OAKS DR, STE 110
SACRAMENTO, CA 95833

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

722212 - Cafeterias, Grill Buffets, and Buffets

Loan Approval Date

8/22/2003

Loan Approval Gross Amount

$42,500

Loan Approval from the SBA

Of the total $42,500 loan amount, the SBA guaranteed $21,250.

More Information on This SBA Loan

The borrower, Metro Latin American Cafeteria, 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 2 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 2 existing jobs. This loan was paid in full, and was closed out on 3/2/2007.

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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like California Bank & Trust that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

About This SBA Loan Information:

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

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