Gadsden, Alabama Entrepreneur Gets a Small Business Loan
AlabamaBank loans are available to Alabama firms through the SBA. In this case, a Tennessee bank provides the loan.
By giving the right information to Citizens Bank, this Gadsden, Alabama business was able to get an SBA loan. To get this loan, the entrepreneur gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.
SBA Loan Borrower
COMPANY TYPE: HOTELS AND MOTELS
GADSDEN, AL 35904
SBA Loan Lender
300 BROAD ST
ELIZABETHTON, TN 37643
This debt financing was issued under the SBA's Certified Lenders Program (CLP), which means that this lending institution has a successful SBA lending track record and a thorough understanding of SBA lending rules and regulations.
SBA Loan Program Type
This loan was issued as a general business loan.
7011 - Hotels and Motels
Loan Approval Date
Loan Approval Gross Amount
Loan Approval from the SBA
Of the total $900,000 loan amount, the SBA guaranteed $675,000.
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 6 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.
There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.
Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!
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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