Growing Company Gets an Alabama Bank Loan
Looking to get an Alabama bank loan? This Alabama entrepreneur got a bank loan, provided by an Alabama bank that works with the SBA to help small business owners.
By giving the right information to Redstone Fcu, this Huntsville, Alabama business was able to get an SBA loan. To get this loan, the entrepreneur gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.
SBA Loan Borrower
COMPANY TYPE: COMPUTER SYSTEMS DESIGN SERVICES
HUNTSVILLE, AL 35805
SBA Loan Lender
REDSTONE FCU
220 WYNN DR
HUNTSVILLE, AL 35893
This commercial loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
541512 - Computer Systems Design Services
Loan Approval Date
12/20/2004
Loan Approval Gross Amount
$650,000
Loan Approval from the SBA
Of the total $650,000 loan amount, the SBA guaranteed $487,500.
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 115 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.
Getting an SBA Loan For Your Business
SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.
While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.
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:
Equity Financing
Find an SBA Lender in Huntsville, Alabama
SBA Participating Banks in Alabama