Local Business Gets a Texas Bank Loan

Would a Texas business loan help your company expand? If so, you may want to talk with this Alabama bank, which offers SBA loans to Texas entrepreneurs.

Getting a small business loan in Dallas, Texas was a top priority for this SBA-financed company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Compass Bank. Here are the details on this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
DALLAS, TX 75229

SBA Loan Lender

COMPASS BANK
15 S 20TH ST
BIRMINGHAM, AL 35233

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

4/2/2003

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $375,000.

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 10 employees. The loan application indicated that the loan would help generate 10 new jobs and retain 10 existing jobs.

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

If you need business start up money in Dallas TX, you ought to talk with a local Dallas SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Dallas businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Compass Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Compass Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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.

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