Colonial Bank SBA Loan to Sawmills And Planing Mills, General Company

Looking to get an Alabama SBA loan? Here's one Alabama business loan that was approved by the SBA.

This local small business knew how to go about getting a business bank loan. Based in Prattsville, Alabama, they applied for and were given an SBA-guaranteed loan in 2000. The lending bank was Colonial Bank, based in Prattville, Alabama.

SBA Loan Borrower

COMPANY TYPE: SAWMILLS AND PLANING MILLS, GENERAL
PRATTSVILLE, AL 36067

SBA Loan Lender

COLONIAL BANK
1798 HWY 14 EAST
PRATTVILLE, AL 36066

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

2421 - Sawmills and Planing Mills, General

Loan Approval Date

2/10/2000

Loan Approval Gross Amount

$16,200

Loan Approval from the SBA

Of the total $16,200 loan amount, the SBA guaranteed $12,960.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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

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.

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