Wetumpka, Alabama Bank Gives SBA Loan to Plastics Bag And Pouch Manufacturing Company

Thinking about meeting with a Wetumpka, Alabama bank about a business loan? Here's one Alabama business loan, issued by a Wetumpka bank, that was approved by the SBA.

Applying for an SBA loan with First Commun Bank - Cent. Alabam worked out well for our friends at one local business in Eclectic, Alabama. The business was able to get an SBA loan for $1,450,000. Great job!

SBA Loan Borrower

COMPANY TYPE: PLASTICS BAG AND POUCH MANUFACTURING
ECLECTIC, AL 36024

SBA Loan Lender

FIRST COMMUN BANK - CENT. ALABAM
715 WILSON ST
WETUMPKA, AL 36092

This lender issued this commercial loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

326111 - Plastics Bag and Pouch Manufacturing

Loan Approval Date

2/4/2005

Loan Approval Gross Amount

$1,450,000

Loan Approval from the SBA

Of the total $1,450,000 loan amount, the SBA guaranteed $1,087,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 50 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

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

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First Commun Bank - Cent. Alabam had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Commun Bank - Cent. Alabam 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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