Business Loan from Banco Popular Given to Wholesale Auto Parts

An SBA loan from Banco Popular typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Miami, Florida business owner got a $150,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Miami, Florida was able to borrow $150,000 from Banco Popular. The SBA made the loan possible by guaranteeing $127,500 of this Florida small business loan.

SBA Loan Borrower

WHOLESALE AUTO PARTS
5341 NW 79TH AVENUE
MIAMI, FL 33166

SBA Loan Lender

BANCO POPULAR
8523 COMMODITY CIR
ORLANDO, FL 32819

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.

SIC Code

5531 - Auto and Home Supply Stores

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

4/24/2003

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, Wholesale Auto Parts, 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 4 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you are working on finding money to start a business 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. Wholesale Auto Parts needed a loan. Banco Popular 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, Banco Popular made the loan. The end result was that Wholesale Auto Parts 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:

Financing Your Business

SBA Banks in Orlando, Florida

Where to Get an SBA Loan Florida

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