Business Loan from Community So. Bank D.B.A Commun Given to Limited-Service Restaurants Company

Community So. Bank D.B.A Commun 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.

Getting a small business loan in Gardendale, Alabama was an essential business goal for this company back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Community So. Bank D.B.A Commun, operating out of Parsons, Tennessee. Here are the details on this Alabama small business loan.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
Gardendale, AL 35071

SBA Loan Lender

COMMUNITY SO. BANK D.B.A COMMUN
51 W MAIN ST
PARSONS, TN 38363

This lender provides SBA business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

1/10/2007

Loan Approval Gross Amount

$343,000

Loan Approval from the SBA

Of the total $343,000 loan amount, the SBA guaranteed $257,250.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 11 employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 10 existing jobs.

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

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Understanding Dilution

SBA Banks in Parsons, Tennessee

Getting an SBA Loan in Tennessee