The Clothing Warehouse Gets a Florida Small Business Loan

Florida SBA loans are available to Florida entrepreneurs through the SBA. In this case, a Tennessee bank provides the loan.

The Clothing Warehouse, based in Miami, Florida, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Regions Bank. We've got the inside scoop on this Florida small business loan.

SBA Loan Borrower

THE CLOTHING WAREHOUSE
12461 SW 130 ST, BAY 10
MIAMI, FL 33186

SBA Loan Lender

REGIONS BANK
6200 POPLAR AVE
MEMPHIS, TN 38119

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5131 - Piece Goods, Notions, and Other Dry Goods

NAICS Code

422310 - Piece Goods, Notions, and Other Dry Goods Wholesalers

Loan Approval Date

11/30/2001

Loan Approval Gross Amount

$545,000

Loan Approval from the SBA

Of the total $545,000 loan amount, the SBA guaranteed $408,750.

More Information on This SBA Loan

The borrower, The Clothing Warehouse, borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 35 employees. This SBA loan request did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees. This loan was paid in full, and was closed out on 8/22/2006.

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

SBA loans provide money to small business owners for working capital for other expenses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

About This SBA Loan Information:

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

Related Links:

The Art of Bootstrapping

Best Banks in Memphis, Tennessee

SBA Tennessee Lenders

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.