Daphne, Alabama Business Gets SBA-Guaranteed Funding from Compass Bank

An SBA loan from Compass Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Daphne, Alabama business owner got a $30,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Daphne, Alabama was able to borrow $30,000 from Compass Bank. The SBA made the loan possible by guaranteeing $15,000 of this Alabama small business loan.

SBA Loan Borrower

COMPANY TYPE: NEW SINGLE-FAMILY HOUSING CONSTRUCTION
DAPHNE, AL 36526

SBA Loan Lender

COMPASS BANK
15 S 20TH ST
BIRMINGHAM, AL 35233

This lender processed this small business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

236115 - New Single-Family Housing Construction

Loan Approval Date

4/5/2005

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $15,000.

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 3 employees. The loan application indicated that the loan would help retain 3 existing jobs.

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.

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Compass 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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