Gadsden, Alabama Business Gets SBA-Guaranteed Funding from The Exchange Bank Of Alabama

The Exchange Bank Of Alabama 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.

This small firm received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with The Exchange Bank Of Alabama, out of Gadsden, Alabama. The loan was granted and they received $294,020 to help grow their Gadsden, Alabama business.

SBA Loan Borrower

COMPANY TYPE: FLOOR COVERING STORES
GADSDEN, AL 35901

SBA Loan Lender

THE EXCHANGE BANK OF ALABAMA
230 N 3RD ST
GADSDEN, AL 35901

At the time this loan was granted, this bank was part of the SBA's Certified Lenders Program (CLP). This program aims to offer expeditious service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

442210 - Floor Covering Stores

Loan Approval Date

4/27/2004

Loan Approval Gross Amount

$294,020

Loan Approval from the SBA

Of the total $294,020 loan amount, the SBA guaranteed $220,515.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 40 employees. The loan application did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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