Stevenson, Alabama Entrepreneur Gets a Business Loan

Business loans in Alabama are are few and far betweeen these days. We take a look at one Alabama business loan, provided by an Alabama bank, that was approved by the SBA.

You can learn something about getting a small business loan in Stevenson, Alabama by studying this loan to a local business, made back in 2003. Banks like First Southern State Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: SCRAP AND WASTE MATERIALS
STEVENSON, AL 35772

SBA Loan Lender

FIRST SOUTHERN STATE BANK
80 BANK ST
STEVENSON, AL 35772

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

5093 - Scrap and Waste Materials

NAICS Code

421930 - Recyclable Material Wholesalers

Loan Approval Date

1/16/2003

Loan Approval Gross Amount

$25,000

Loan Approval from the SBA

Of the total $25,000 loan amount, the SBA guaranteed $21,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower did not indicate that the small business promised to use the money to add employees or retain any existing employees.

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

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First Southern State Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Southern State 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.

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