Loan Census Banking News and Information
August 8, 2020  
 
 
  Business Loan Information  
 

Moulton, Alabama Bank for SBA Loans

 

 
Loan Census SBA Loan Info

Loan to Buy Roosters Franchise Issued By First American Bank

Need money to purchase a Roosters franchise? First American Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Moulton, Alabama and are interested in buying a Roosters franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2005 by First American Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

ROOSTERS
MOULTON, AL 35650

SBA Loan Lender

FIRST AMERICAN BANK
1715 BELTLINE RD SW
DECATUR, AL 35603

This was a Low Documentation SBA loan. The SBA created this program to reduce 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. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

7/20/2005

Loan Approval Gross Amount

$85,000

Loan Approval from the SBA

Of the total $85,000 loan amount, the SBA guaranteed $72,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Roosters franchise. At the time of the loan, the company had 10 employees. The loan application did not indicate that the small business planned to use the funding to add 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.

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 First American Bank 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:

Small Business Credit Cards

SBA Approved Banks in Decatur, Alabama

Alabama SBA 7A Lenders