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November 15, 2024 |
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| Home > Small Business Lenders by State > Mississippi Business Loan Sources > Birmingham, Business Loans > Compass Bank Birmingham Business Loans > Eating Places Loan | ||||
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Birmingham Lenders
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Birmingham, Alabama Lender Lends Money to Eating Places CompanyThinking about meeting with a Birmingham, Alabama bank about a small business loan? Here's one Mississippi business loan, issued by a Birmingham bank, that was approved by the SBA. Applying for an SBA loan with Compass Bank worked out well for our friends at one local business in Madison, Mississippi. They got an SBA loan for $167,000. Way to go! SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender COMPASS BANK This loan for a small business was issued under the SBA's Certified Lenders Program (CLP), which means that this lending institution has a successful SBA lending history and a deep knowledge SBA policies and procedures. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places Loan Approval Date 1/21/2000 Loan Approval Gross Amount $167,000 Loan Approval from the SBA Of the total $167,000 loan amount, the SBA guaranteed $125,250. More Information on This SBA Loan The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 10 employees. This SBA loan request did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan 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. 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: SBA Participating Banks in Birmingham, Alabama
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