Scottsboro, Alabama Business Gets SBA-Guaranteed Funding from First Southern State Bank

First Southern State Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Alabama entrepreneur who tapped into the power of SBA loans.

Getting a small business loan in Scottsboro, Alabama was an essential business goal for this company back in 2007 and, based on their loan application, they were successful in getting an SBA loan from First Southern State Bank, operating out of Stevenson, Alabama. Here are the details on this Alabama small business loan.

SBA Loan Borrower

COMPANY TYPE: RECYCLABLE MATERIAL MERCHANT WHOLESALERS
SCOTTSBORO, AL 35769

SBA Loan Lender

FIRST SOUTHERN STATE BANK
80 BANK ST
STEVENSON, AL 35772

This lender issued this loan for a small business under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

423930 - Recyclable Material Merchant Wholesalers

Loan Approval Date

4/13/2007

Loan Approval Gross Amount

$139,900

Loan Approval from the SBA

Of the total $139,900 loan amount, the SBA guaranteed $118,915.

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 4 employees. The loan application indicated that the loan would help retain 4 existing jobs.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $139,900 loan. Remember, anyone can do it... so why not you?

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 Incubators

SBA Approved Banks in Stevenson, Alabama

Where to Get an SBA Loan Alabama