Huntsville, Alabama Lender Lends Money to Specialized Design Services Company

Get to know Huntsville, Alabama banks that specialize in small business loans and know how to work with entrepreneurs. Redstone Fcu is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Toney, Alabama starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from Redstone Fcu. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: SPECIALIZED DESIGN SERVICES
TONEY, AL 35773

SBA Loan Lender

REDSTONE FCU
220 WYNN DR
HUNTSVILLE, AL 35893

This business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

541490 - Specialized Design Services

Loan Approval Date

12/29/2006

Loan Approval Gross Amount

$7,000

Loan Approval from the SBA

Of the total $7,000 loan amount, the SBA guaranteed $5,950.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the loan would help retain 1 existing job.

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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Redstone Fcu and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

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Where to Get an SBA Loan in Huntsville, Alabama

Getting an SBA Loan in Alabama