Birmingham, Alabama Bank Gives SBA Loan to Specialty Trade Contractors Company
A Birmingham, Alabama small business loan can be yours. Learn how one firm got a $942,500 business loan from this Alabama bank.
This loan to a local firm is a good example of an SBA loan. Compass Bank made the loan and the SBA guaranteed a portion of the loan. Many other Texas entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take.
SBA Loan Borrower
COMPANY TYPE: SPECIALTY TRADE CONTRACTORS
Houston, TX 77037
SBA Loan Lender
COMPASS BANK
15 S 20TH ST
BIRMINGHAM, AL 35233
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
238990 - Specialty Trade Contractors
Loan Approval Date
11/26/2007
Loan Approval Gross Amount
$942,500
Loan Approval from the SBA
Of the total $942,500 loan amount, the SBA guaranteed $706,875.
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 94 employees. The SBA loan application for the borrower indicated that the loan would help retain 94 existing jobs.
Next Steps for Getting an SBA Loan
SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.
Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $942,500 loan. It's not easy, but why not give getting an SBA loan of your own a try?
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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