SBA Loan from Compass Bank Helps Machine Shops Company

An SBA loan from Compass Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Houston, Texas business owner got a $771,000 loan.

This growing company received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Compass Bank, out of Birmingham, Alabama. The loan was granted and they received $771,000 to help grow their Houston, Texas business.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
HOUSTON, TX 77078

SBA Loan Lender

COMPASS BANK
15 S 20TH ST
BIRMINGHAM, AL 35233

This lender provides SBA small 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

332710 - Machine Shops

Loan Approval Date

9/26/2002

Loan Approval Gross Amount

$771,000

Loan Approval from the SBA

Of the total $771,000 loan amount, the SBA guaranteed $578,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 8 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 8 existing jobs.

Getting an SBA Loan For Your Business

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

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

Best Birmingham, Alabama Banks for Small Business

Where to Get an SBA Loan Alabama