Firm Gets an Alabama SBA Loan
Small business loans in Alabama are are few and far betweeen these days. We take a look at one Alabama small business loan, provided by a Tennessee bank, that was approved by the SBA.
Getting a small business loan in Montgomery, Alabama was a top priority for this small company back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Community So. Bank D.B.A Commun. Here are the details on this Alabama small business loan.
SBA Loan Borrower
COMPANY TYPE: MOTOR VEHICLE SUPPLIES AND NEW PARTS MERCHANT WHOLESALERS
Montgomery, AL 36117
SBA Loan Lender
COMMUNITY SO. BANK D.B.A COMMUN
51 W MAIN ST
PARSONS, TN 38363
As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
423120 - Motor Vehicle Supplies and New Parts Merchant Wholesalers
Loan Approval Date
2/21/2007
Loan Approval Gross Amount
$150,000
Loan Approval from the SBA
Of the total $150,000 loan amount, the SBA guaranteed $127,500.
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 3 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 1 existing job.
Next Steps for Getting an SBA Loan
SBA loans provide smart, affordable business financing for small businesses looking to expand.
If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Community So. Bank D.B.A Commun so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.
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:
Strategic Investors
SBA Banks in Parsons, Tennessee
Tennessee SBA Banks