Company Gets an Alabama SBA Loan
SBA loans in Alabama are tough to come by these days. We take a look at one Alabama SBA loan, provided by an Alabama bank, that was approved by the SBA.
This company, based in Birmingham, Alabama, 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 Regions Bank. We've got the inside scoop on this Alabama small business loan.
SBA Loan Borrower
COMPANY TYPE: LITHOGRAPHIC COMMERCIAL PRINTING
BIRMINGHAM, AL 25242
SBA Loan Lender
REGIONS BANK
2964 HWY 31
PELHAM, AL 35124
This lender issued this particular bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
2752 - Lithographic Commercial Printing
Loan Approval Date
8/18/2000
Loan Approval Gross Amount
$36,000
Loan Approval from the SBA
Of the total $36,000 loan amount, the SBA guaranteed $28,800.
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 only one employee. The loan application did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees.
Getting an SBA Loan For Your Business
Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.
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:
Obtaining Funding - How to Borrow Money
Banks in Pelham, Alabama
Getting an SBA Loan in Alabama