First Federal Bank SBA Loan to Residential Care Company

First Federal Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how an Alabama entrepreneur was able to get a loan to take a small business to the next level.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Fort Payne, Alabama was able to borrow $1,985,000 from First Federal Bank. The SBA made the loan possible by guaranteeing $999,845 of this Alabama small business loan.

SBA Loan Borrower

COMPANY TYPE: RESIDENTIAL CARE
FORT PAYNE, AL 35968

SBA Loan Lender

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

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8361 - Residential Care

NAICS Code

623312 - Homes for the Elderly

Loan Approval Date

4/23/2003

Loan Approval Gross Amount

$1,985,000

Loan Approval from the SBA

Of the total $1,985,000 loan amount, the SBA guaranteed $999,845.

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 6 employees. The loan application did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide money to small business owners for working capital for other expenses.

This SBA loan was for $1,985,000. How would you spend $1,985,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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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Who Lends Money to Small Businesses in Fort Payne, Alabama

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