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November 14, 2024 |
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| Home > Small Business Lenders by State > Alabama Business Loan Sources > Birmingham, Business Loans > Compass Bank Birmingham Business Loans > Professional Equipment And Supplies Merchant Wholesalers Loan | ||||
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Raising Money in Daphne, Alabama With SBA Loans
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Professional Equipment and Supplies Merchant Wholesalers Commercial LoansWith these commercial loans for professional equipment and supplies merchant wholesalers, the SBA guarantees the lender that the loan will be repaid. This professional equipment and supplies merchant wholesalers loan for $25,000 was given to an Alabama entrepreneur in 2005. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Daphne, Alabama was able to borrow $25,000 from Compass Bank. The SBA made the loan possible by guaranteeing $12,500 of this Alabama small business loan. SBA Loan Borrower COMPANY TYPE: PROFESSIONAL EQUIPMENT AND SUPPLIES MERCHANT WHOLESALERS SBA Loan Lender COMPASS BANK The lender provided this commercial loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 423490 - Professional Equipment and Supplies Merchant Wholesalers Loan Approval Date 7/26/2005 Loan Approval Gross Amount $25,000 Loan Approval from the SBA Of the total $25,000 loan amount, the SBA guaranteed $12,500. 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 3 employees. The loan application indicated that the loan would help generate 2 new jobs and retain 5 existing jobs. 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. 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: SBA Approved Banks in Birmingham, Alabama
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