Fort Payne, Alabama Business Gets SBA-Guaranteed Funding from First Federal Bank

An SBA loan from First Federal Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Fort Payne, Alabama business owner got a $80,000 loan.

This growing company knew how to go about getting a business bank loan. Based in Fort Payne, Alabama, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was First Federal Bank, based in Fort Payne, Alabama.

SBA Loan Borrower

COMPANY TYPE: AMUSEMENT AND RECREATION SERVICES
FORT PAYNE, AL 35967

SBA Loan Lender

FIRST FEDERAL BANK
1400 GAULT AVE NORTH
FORT PAYNE, AL 35967

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with borrowing money. 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. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7999 - Amusement and Recreation Services

NAICS Code

611620 - Sports and Recreation Instruction

Loan Approval Date

4/4/2001

Loan Approval Gross Amount

$80,000

Loan Approval from the SBA

Of the total $80,000 loan amount, the SBA guaranteed $68,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 10 employees. The loan application did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

We can help you find the best banks for small businesses in Fort Payne or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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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