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May 2, 2024 |
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| Home > Small Business Lenders by State > Florida Business Loan Sources > Miami, Business Loans > Citibank Miami Business Loans > Beauty Shops Loan | ||||
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Get Commercial Loans in North Miami Beach, Florida
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North Miami Beach, Florida Entrepreneur Gets a Small Business LoanLooking to get a Florida business loan? This Florida entrepreneur got a business loan, provided by a Florida bank that works with the SBA to help small business owners. Getting a small business loan in North Miami Beach, Florida was a top priority for this SBA-financed company back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Citibank. Here are the details on this Florida small business loan. SBA Loan Borrower COMPANY TYPE: BEAUTY SHOPS SBA Loan Lender CITIBANK 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. SIC Code 7231 - Beauty Shops NAICS Code 611511 - Cosmetology and Barber Schools Loan Approval Date 10/13/2000 Loan Approval Gross Amount $15,000 Loan Approval from the SBA Of the total $15,000 loan amount, the SBA guaranteed $7,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. The loan application indicated that the loan would help generate 2 new jobs and retain 5 existing jobs. Next Steps for Getting an SBA Loan SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Citibank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Family and Friend Investors - Your First Financiers Getting an SBA Loan in Florida
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