Bank Loans for New Single-Family Housing Construction

With these bank loans for new single-family housing construction, the SBA guarantees the lender that the loan will be repaid. This new single-family housing construction loan for $50,000 was given to a Florida entrepreneur in 2006.

This small firm received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with Compass Bank, out of Birmingham, Alabama. The loan was granted and they received $50,000 to help grow their Fort Walton Beach, Florida business.

SBA Loan Borrower

COMPANY TYPE: NEW SINGLE-FAMILY HOUSING CONSTRUCTION
FORT WALTON BEACH, FL 32548

SBA Loan Lender

COMPASS BANK
15 S 20TH ST
BIRMINGHAM, AL 35233

This business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

236115 - New Single-Family Housing Construction

Loan Approval Date

8/21/2006

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

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 12 employees. The loan application indicated that the loan would help retain 12 existing jobs.

Next Steps for Getting an SBA Loan

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

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

Related Links:

Microlending as a Small Business Funding Source

Small Bank Loans in Birmingham, Alabama

Getting an SBA Loan in Alabama