Community So. Bank D.B.A Commun Gives Business Loan to Residential Care Company

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

This small business, based in Fort Lauderdale, 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 Community So. Bank D.B.A Commun. We've got the inside scoop on this Florida small business loan.

SBA Loan Borrower

COMPANY TYPE: RESIDENTIAL CARE
FORT LAUDERDALE, FL 33301

SBA Loan Lender

COMMUNITY SO. BANK D.B.A COMMUN
625 S GAY ST, STE 450
KNOXVILLE, TN 37902

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8361 - Residential Care

NAICS Code

623220 - Residential Mental Health and Substance Abuse Facilities

Loan Approval Date

8/10/2005

Loan Approval Gross Amount

$1,159,000

Loan Approval from the SBA

Of the total $1,159,000 loan amount, the SBA guaranteed $869,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 5 employees. This SBA loan request did not indicate that the business promised to use the funding to increase staffing levels or retain any existing employees.

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

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Community So. Bank D.B.A Commun and they will explain how you can get an SBA loan for your company.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

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Where to Get an SBA Loan in Knoxville, Tennessee

Tennessee SBA 7A Banks