Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Small Business Banks for Hazel Green, Alabama Small Business Owners

 

 
Loan Census SBA Loan Info

Raising Money for Machine Shops

With these business loans for machine shops, the SBA guarantees the lender that the loan will be repaid. This machine shops loan for $50,000 was given to an Alabama entrepreneur in 2007.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Hazel Green, Alabama was able to borrow $50,000 from Redstone Fcu. The SBA made the loan possible by guaranteeing $42,500 of this Alabama small business loan.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
HAZEL GREEN, AL 35750

SBA Loan Lender

REDSTONE FCU
220 WYNN DR
HUNTSVILLE, AL 35893

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan for a small business was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

332710 - Machine Shops

Loan Approval Date

9/11/2007

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

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 7 employees. This SBA loan request indicated that the loan would help retain 7 existing jobs.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

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.

Related Links:

Determining Proper Capital Structure for a Business

SBA Banks in Huntsville, Alabama

Alabama SBA Banks