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November 15, 2024 |
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| Home > Small Business Lenders by State > Alabama Business Loan Sources > Fort Payne, Business Loans > First Federal Bank Fort Payne Business Loans > Eating Places Loan | ||||
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SBA 7A Banks in Alabama
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Full-Service Restaurants LoansLooking for loans for full-service restaurants? An SBA loan may be just what you've been looking for. This $124,000 full-service restaurants loan was issued by an Alabama bank. Getting a small business loan in Rainsville, Alabama was important for this company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from First Federal Bank, operating out of Fort Payne, Alabama. Here are the details on this Alabama small business loan. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender FIRST FEDERAL BANK 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 5812 - Eating Places NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 9/11/2001 Loan Approval Gross Amount $124,000 Loan Approval from the SBA Of the total $124,000 loan amount, the SBA guaranteed $105,400. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 15 employees. The SBA loan documents did not indicate that the company promised to use the money to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business If you are working on finding money to start a business in Rainsville AL, you ought to talk with a local Rainsville SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Rainsville businesses. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First Federal Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Federal Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Obtaining Funding - Getting Venture Capital SBA 7A Banks in Fort Payne, Alabama
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