Local Business Gets an Alabama Business Loan

Looking to get an Alabama business loan? This Alabama entrepreneur got a business loan, provided by an Alabama bank that works with the SBA to help small business owners.

This company, based in Lexington, Alabama, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Colonial Bank. We've got the inside scoop on this Alabama small business loan.

SBA Loan Borrower

COMPANY TYPE: GROCERY STORES
LEXINGTON, AL 35648

SBA Loan Lender

COLONIAL BANK
100 COLONIAL BANK BLVD
MONTGOMERY, AL 36117

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5411 - Grocery Stores

NAICS Code

447110 - Gasoline Stations with Convenience Stores

Loan Approval Date

8/27/2001

Loan Approval Gross Amount

$33,500

Loan Approval from the SBA

Of the total $33,500 loan amount, the SBA guaranteed $28,475.

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 2 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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 $33,500 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.

Related Links:

Equity Financing

Where to Get an SBA Loan in Montgomery, Alabama

Getting an SBA Loan in Alabama