Miami Beach, Florida Entrepreneur Gets a Bank Loan

Bank loans in Florida are hard to find these days. We take a look at one Florida bank loan, provided by a Florida bank, that was approved by the SBA.

Getting a small business loan in Miami Beach, Florida was a top priority for Modern Pharmacy, LLC back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Ocean Bank. Here are the details on this Florida small business loan.

SBA Loan Borrower

MODERN PHARMACY, LLC
9 ISLAND AVENUE
MIAMI BEACH, FL 33131

SBA Loan Lender

OCEAN BANK
780 NW 42ND AVE
MIAMI, FL 33126

This SBA loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5912 - Drug Stores and Proprietary Stores

NAICS Code

446110 - Pharmacies and Drug Stores

Loan Approval Date

8/9/2002

Loan Approval Gross Amount

$250,000

Loan Approval from the SBA

Of the total $250,000 loan amount, the SBA guaranteed $187,500.

More Information on This SBA Loan

The borrower, Modern Pharmacy, LLC, 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 7 employees. The SBA loan application for the borrower did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Don't forget. To get an SBA loan, you must 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.

This SBA loan was for $250,000. How would you spend $250,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at Modern Pharmacy, LLC, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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

Banks in Miami, Florida

Getting an SBA Loan in 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.