Ocean Bank Gives Small Business Loan to Stephenson Gas No. 15, Inc.

Want a Florida business loan? This Florida entrepreneur got a business loan, provided by a Florida bank that works with the SBA to help small business owners.

By giving the right information to Ocean Bank, this Miami, Florida business was able to get an SBA loan. To get this loan, Stephenson Gas No. 15, Inc. gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

STEPHENSON GAS NO. 15, INC.
4770 NW 17TH AVE
MIAMI, FL 33052

SBA Loan Lender

OCEAN BANK
780 NW 42ND AVE
MIAMI, FL 33126

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

447110 - Gasoline Stations with Convenience Stores

Loan Approval Date

8/27/2001

Loan Approval Gross Amount

$405,000

Loan Approval from the SBA

Of the total $405,000 loan amount, the SBA guaranteed $303,750.

More Information on This SBA Loan

The borrower, Stephenson Gas No. 15, Inc., borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 12 employees. This SBA loan request did not indicate that the small business promised to use the money to add employees or retain any existing employees. This loan was paid in full, and was closed out on 10/20/2004.

Next Steps for Getting an SBA Loan

If you are raising money in Miami FL, you ought to talk with a local Miami SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Miami businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. Stephenson Gas No. 15, Inc. needed a loan. Ocean Bank 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, Ocean Bank made the loan. The end result was that Stephenson Gas No. 15, 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:

Getting a Small Business Loan

SBA Banks in Miami, Florida

Browse All Business Loan Sources for Florida

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.