SBA Loan from Regions Bank Helps Water Supply Company

Regions Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Alabama entrepreneur who tapped into the power of SBA loans.

Getting a small business loan in Maylene, Alabama was an essential business goal for this small business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Regions Bank, operating out of Pelham, Alabama. Here are the details on this Alabama small business loan.

SBA Loan Borrower

COMPANY TYPE: WATER SUPPLY
MAYLENE, AL 35114

SBA Loan Lender

REGIONS BANK
2964 HWY 31
PELHAM, AL 35124

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

4941 - Water Supply

NAICS Code

221310 - Water Supply and Irrigation Systems

Loan Approval Date

3/6/2002

Loan Approval Gross Amount

$33,500

Loan Approval from the SBA

Of the total $33,500 loan amount, the SBA guaranteed $28,475.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The loan application did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

This company got an SBA loan. You can too! Maybe you need seed money for a small business? Maybe you want money to buy a franchise? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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:

Startup Funding Tip

Small Bank Loans in Pelham, Alabama

SBA Alabama Banks