Redstone Fcu SBA Loan to Lessors Of Miniwarehouses And Self-Storage Units Company

An SBA loan from Redstone Fcu typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Harvest, Alabama business owner got a $350,000 loan.

Getting a small business loan in Harvest, 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 Redstone Fcu, operating out of Huntsville, Alabama. Here are the details on this Alabama small business loan.

SBA Loan Borrower

COMPANY TYPE: LESSORS OF MINIWAREHOUSES AND SELF-STORAGE UNITS
HARVEST, AL 35749

SBA Loan Lender

REDSTONE FCU
220 WYNN DR
HUNTSVILLE, AL 35893

This lender processed this business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

531130 - Lessors of Miniwarehouses and Self-Storage Units

Loan Approval Date

3/8/2007

Loan Approval Gross Amount

$350,000

Loan Approval from the SBA

Of the total $350,000 loan amount, the SBA guaranteed $175,000.

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 only one employee. The SBA loan documents indicated that the loan would help generate 1 new job and retain 1 existing job.

Start the Process for Getting an SBA Loan Today!

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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.

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