SBA Loan from Renasant Bank Helps Woodworking Machinery Company
Renasant Bank has a track record as a leading provider of SBA loans. Find out how this Alabama entrepreneur received an SBA loan from them.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Falkville, Alabama was able to borrow $30,000 from Renasant Bank. The SBA made the loan possible by guaranteeing $25,500 of this Alabama small business loan.
SBA Loan Borrower
COMPANY TYPE: WOODWORKING MACHINERY
FALKVILLE, AL 35622
SBA Loan Lender
1830 MOADUS RD SOUTHWEST
DECATUR, AL 35603
This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a loan . The low-doc program is quick, requiring 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.
3553 - Woodworking Machinery
333210 - Sawmill and Woodworking Machinery Manufacturing
Loan Approval Date
Loan Approval Gross Amount
Loan Approval from the SBA
Of the total $30,000 loan amount, the SBA guaranteed $25,500.
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 only one employee. The loan application did not indicate that the small business promised to use the funding to add employees or retain any existing employees.
Start the Process for Getting an SBA Loan Today!
The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Renasant Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).
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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