How to Get a Loan for Store Retailers

With these business loans for store retailers, the SBA guarantees the lender that the loan will be repaid. This store retailers loan for $80,000 was given to a Florida entrepreneur in 2002.

Daisy Land, Inc received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Ocean Bank, out of Miami, Florida. The loan was granted and they received $80,000 to help grow their Pembroke Pines, Florida business.

SBA Loan Borrower

DAISY LAND, INC
18263 NW 182 AVENUE
PEMBROKE PINES, FL 33029

SBA Loan Lender

OCEAN BANK
780 NW 42ND AVE
MIAMI, FL 33126

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5999 - Miscellaneous Retail Stores, N.E.C.

NAICS Code

453998 - All Other Miscellaneous Store Retailers (except Tobacco Stores)

Loan Approval Date

6/20/2002

Loan Approval Gross Amount

$80,000

Loan Approval from the SBA

Of the total $80,000 loan amount, the SBA guaranteed $68,000.

More Information on This SBA Loan

The borrower, Daisy Land, Inc, borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. Daisy Land, 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 Daisy Land, 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:

Obtaining Funding - Friends and Family

Best Banks for Small Business 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.