Miami, Florida Lender Lends Money to Precious Time Child Care & Lea

Get business loans from a Miami, Florida bank that knows how to treat small business owners right! If Precious Time Child Care & Lea can get a loan, there's no reason you can't do it too.

Ocean Bank is a Miami, Florida small business lender that is dedicated to providing financing to small businesses. In this case, they gave a small business loan to Precious Time Child Care & Lea a Florida company.

SBA Loan Borrower

PRECIOUS TIME CHILD CARE & LEA
17601 NW 78 AVENUE, SUITE 10
MIAMI, FL 33015

SBA Loan Lender

OCEAN BANK
780 NW 42ND AVE
MIAMI, FL 33126

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

624410 - Child Day Care Services

Loan Approval Date

7/9/2004

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower, Precious Time Child Care & Lea, borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 8 employees. The loan application did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

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

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as Precious Time Child Care & Lea walked into Ocean Bank and applied for an SBA loan, you have to do the same thing. The sooner you start, the faster you'll get the money!

About This SBA Loan Information:

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

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