Austin, Texas Entrepreneur Gets an SBA Loan

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

You can learn something about getting a small business loan in Austin, Texas by studying this loan to a local company, made back in 2000. Banks like Compass Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: CHILD DAY CARE SERVICES
AUSTIN, TX 78753

SBA Loan Lender

COMPASS BANK
15 S 20TH ST
BIRMINGHAM, AL 35233

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide SBA small business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8351 - Child Day Care Services

NAICS Code

624410 - Child Day Care Services

Loan Approval Date

1/28/2000

Loan Approval Gross Amount

$329,500

Loan Approval from the SBA

Of the total $329,500 loan amount, the SBA guaranteed $247,125.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 10 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees.

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

If you want money for new small business in Austin TX, you ought to talk with a local Austin SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Austin businesses.

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 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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SBA 7A Lenders in Birmingham, Alabama

Alabama SBA Banks