Growing Company Gets an Alabama SBA Loan

AlabamaBank loans are available to Alabama firms through the SBA. In this case, an Alabama bank provides the loan.

You can learn something about getting a small business loan in Muscle Shoals, Alabama by studying this loan to a local company, made back in 2006. Banks like First Metro Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: SNACK AND NONALCOHOLIC BEVERAGE BARS
MUSCLE SHOALS, AL 35661

SBA Loan Lender

FIRST METRO BANK
406 W AVALON AVE
MUSCLE SHOALS, AL 35661

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722213 - Snack and Nonalcoholic Beverage Bars

Loan Approval Date

4/27/2006

Loan Approval Gross Amount

$21,935

Loan Approval from the SBA

Of the total $21,935 loan amount, the SBA guaranteed $18,645.

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 4 employees. The SBA loan application for the borrower did not indicate that the business planned to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you want money for new small business in Muscle Shoals AL, you ought to talk with a local Muscle Shoals SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Muscle Shoals businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First Metro Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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