Wachovia Bank SBA Loan to Residential Care Company

Wachovia Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how an Alabama entrepreneur was able to get a loan to take a small business to the next level.

This growing company received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Wachovia Bank, out of Atlanta, Georgia. The loan was granted and they received $148,000 to help grow their Birmingham, Alabama business.

SBA Loan Borrower

COMPANY TYPE: RESIDENTIAL CARE
BIRMINGHAM, AL 35215

SBA Loan Lender

WACHOVIA BANK
360 INTERSTATE NORTH PKWY, ST
ATLANTA, GA 30339

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8361 - Residential Care

Loan Approval Date

8/11/2000

Loan Approval Gross Amount

$148,000

Loan Approval from the SBA

Of the total $148,000 loan amount, the SBA guaranteed $111,000.

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 only one employee. The SBA loan documents did not indicate that the company planned 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?

Many small businesses receive loans backed by the U.S. Small Business Administration.

We can help you find the best banks for small businesses in Birmingham or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Accountant's Role in Securing Financing

Best Banks in Atlanta, Georgia

Browse All Business Loan Sources for Georgia