Entrepreneur Works With Birmingham, Alabama Bank to Get an SBA Loan
Find Birmingham, Alabama banks that specialize in SBA loans and know how to work with entrepreneurs. Regions Bank is one such bank, as evidenced by this SBA loan to one business.
Finding a small business loan in Juno Beach, Florida starts with an understanding of who else has gotten loans in the area. In this case, a local small business received funding from Regions Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.
SBA Loan Borrower
COMPANY TYPE: DRYCLEANING AND LAUNDRY SERVICES
Juno Beach, FL 33408
SBA Loan Lender
REGIONS BANK
417 NORTH 20TH ST
BIRMINGHAM, AL 35203
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
812320 - Drycleaning and Laundry Services
Loan Approval Date
11/20/2006
Loan Approval Gross Amount
$500,000
Loan Approval from the SBA
Of the total $500,000 loan amount, the SBA guaranteed $375,000.
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 6 employees. The SBA loan application for the borrower indicated that the loan would help retain 6 existing jobs.
Next Steps for Getting an SBA Loan
Although it's called an SBA loan, 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.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Regions Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).
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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