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November 15, 2024 |
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| Home > Small Business Lenders by State > Alabama Business Loan Sources > Cullman, Business Loans > Merchants Bank Of Alabama Cullman Business Loans > Building Cleaning And Maintenance Services, N.E.C Loan | ||||
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Cullman Bank Loan
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Cullman, Alabama Bank Gives SBA Loan to Building Cleaning And Maintenance Services, N.E.C CompanyWant to talk with a Cullman, Alabama bank about a business loan? Here's one Alabama business loan, issued by a Cullman bank, that was approved by the SBA. Applying for an SBA loan with Merchants Bank Of Alabama worked out well for our friends at one local company in Cullman, Alabama. They received an SBA loan for $83,000. Great job! SBA Loan Borrower COMPANY TYPE: BUILDING CLEANING AND MAINTENANCE SERVICES, N.E.C SBA Loan Lender MERCHANTS BANK OF ALABAMA This loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7349 - Building Cleaning and Maintenance Services, N.E.C NAICS Code 561720 - Janitorial Services Loan Approval Date 6/12/2003 Loan Approval Gross Amount $83,000 Loan Approval from the SBA Of the total $83,000 loan amount, the SBA guaranteed $70,550. 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 19 employees. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. 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: Microlending as a Small Business Funding Source
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