Firm Gets an Alabama Bank Loan

Searching for an Alabama small business loan? This Alabama entrepreneur got a small business loan, provided by an Alabama bank that works with the SBA to help small business owners.

This small business, based in Florence, Alabama, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Citizens Bank & Savings Co. We've got the inside scoop on this Alabama small business loan.

SBA Loan Borrower

COMPANY TYPE: HARDWARE MERCHANT WHOLESALERS
FLORENCE, AL 35633

SBA Loan Lender

CITIZENS BANK & SAVINGS CO
200 S JACKSON AVE
RUSSELLVILLE, AL 35653

This lender issued this SBA business loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began 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

423710 - Hardware Merchant Wholesalers

Loan Approval Date

6/26/2006

Loan Approval Gross Amount

$1,169,000

Loan Approval from the SBA

Of the total $1,169,000 loan amount, the SBA guaranteed $876,750.

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. This SBA loan request did not indicate that the small business promised to use the funding to add employees or retain any existing employees.

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

If you are wondering how to raise money for a company in Florence AL, you ought to talk with a local Florence SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Florence businesses.

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