Suntrust Bank SBA Loan to Drycleaning Plants Company

Suntrust Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how an Alabama entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Muscle Shoals, Alabama was an essential business goal for this small business back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Suntrust Bank, operating out of Florence, Alabama. Here are the details on this Alabama small business loan.

SBA Loan Borrower

COMPANY TYPE: DRYCLEANING PLANTS
MUSCLE SHOALS, AL 35661

SBA Loan Lender

SUNTRUST BANK
201 S COURT ST
FLORENCE, AL 35630

This SBA business 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.

SIC Code

7216 - Drycleaning Plants

NAICS Code

812320 - Drycleaning and Laundry Services

Loan Approval Date

12/19/2001

Loan Approval Gross Amount

$256,000

Loan Approval from the SBA

Of the total $256,000 loan amount, the SBA guaranteed $192,000.

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 10 employees. The loan application did not indicate that the business planned to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Suntrust 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.

Related Links:

Business Cash Advances

Best Florence, Alabama Banks for Small Business

Alabama SBA 7A Lenders