Business Loan from Slocomb National Bank Given to Optical Goods Stores Company

Slocomb National Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how an Alabama entrepreneur was able to get a loan to take a small business to the next level.

This small firm knew how to go about getting a business bank loan. Based in Slocomb, Alabama, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Slocomb National Bank, based in Slocomb, Alabama.

SBA Loan Borrower

COMPANY TYPE: OPTICAL GOODS STORES
SLOCOMB, AL 36375

SBA Loan Lender

SLOCOMB NATIONAL BANK
220 E LAWRENCE HARRIS HWY
SLOCOMB, AL 36375

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5995 - Optical Goods Stores

Loan Approval Date

9/7/2000

Loan Approval Gross Amount

$81,500

Loan Approval from the SBA

Of the total $81,500 loan amount, the SBA guaranteed $65,200.

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 2 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to find money to start a business or need money for an existing business, an SBA loan can be a great funding source

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Slocomb National Bank and they will explain how you can get an SBA loan for your company.

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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