Entrepreneur Works With Birmingham, Alabama Bank to Get an SBA Loan

Thinking about meeting with a Birmingham, Alabama bank about a small business loan? Here's one Illinois business loan, issued by a Birmingham bank, that was approved by the SBA.

Applying for an SBA loan with Regions Bank worked out well for our friends at one local company in Smithton, Illinois. They got an SBA loan for $167,500. Nice!

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
SMITHTON, IL 62285

SBA Loan Lender

REGIONS BANK
417 NORTH 20TH ST
BIRMINGHAM, AL 35203

The lender provided this business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

12/16/2005

Loan Approval Gross Amount

$167,500

Loan Approval from the SBA

Of the total $167,500 loan amount, the SBA guaranteed $83,750.

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 20 employees. This SBA loan request indicated that the loan would help generate 20 new jobs and retain 20 existing jobs.

Start the Process for Getting an SBA Loan Today!

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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