Continl National Bank - Miami SBA Loan to Star Of Milennium Mortgage Cor

An SBA loan from Continl National Bank - Miami typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Miami Lakes, Florida business owner got a $50,000 loan.

Star Of Milennium Mortgage Cor knew how to go about getting a business bank loan. Based in Miami Lakes, Florida, they applied for and received an SBA-guaranteed loan in 2007. The lending bank was Continl National Bank - Miami, based in Miami, Florida.

SBA Loan Borrower

STAR OF MILENNIUM MORTGAGE COR
5781B NW 151ST ST
MIAMI LAKES, FL 33014

SBA Loan Lender

CONTINL NATIONAL BANK - MIAMI
1801 SW FIRST ST
MIAMI, FL 33135

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

522310 - Mortgage and Nonmortgage Loan Brokers

Loan Approval Date

1/11/2007

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

More Information on This SBA Loan

The borrower, Star Of Milennium Mortgage Cor, borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. This SBA loan request did not indicate that the small business promised to use the funding to add employees or retain any existing employees.

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

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

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:

Debt Financing

Small Business Banks in Miami, Florida

SBA Florida Banks

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