Colonial Bank SBA Loan to Bands, Orchestras, Actors And Entertainment Company

Colonial Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Alabama entrepreneur who tapped into the power of SBA loans.

This small firm knew how to go about getting a business bank loan. Based in Daphne, Alabama, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Colonial Bank, based in Fairhope, Alabama.

SBA Loan Borrower

COMPANY TYPE: BANDS, ORCHESTRAS, ACTORS AND ENTERTAINMENT
DAPHNE, AL 36526

SBA Loan Lender

COLONIAL BANK
387 FAIRHOPE AVE
FAIRHOPE, AL 36532

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with getting a loan . 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. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7929 - Bands, Orchestras, Actors and Entertainment

Loan Approval Date

5/12/2000

Loan Approval Gross Amount

$148,750

Loan Approval from the SBA

Of the total $148,750 loan amount, the SBA guaranteed $111,562.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 20 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the funding to add employees or retain any existing employees.

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

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Colonial Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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SBA Banks in Fairhope, Alabama

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