Loan Census Banking News and Information
January 29, 2023  
 
 
  Business Loan Information  
 

I Need an SBA 7A Loan in Abbeville, Alabama

 

 
Loan Census SBA Loan Info

Financing for Machine Shops

Looking for loans for machine shops? Talk to a banker who works with the SBA. This $101,000 machine shops loan was issued by an Alabama bank.

This company received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Peoplesouth Bank, out of Abbeville, Alabama. The loan was granted and they received $101,000 to help grow their Abbeville, Alabama business.

SBA Loan Borrower

COMPANY TYPE: INDUSTRIAL AND COMMERCIAL MACHINERY AND EQUIPMENT
ABBEVILLE, AL 36310

SBA Loan Lender

PEOPLESOUTH BANK
514 KIRKLAND
ABBEVILLE, AL 36310

This bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3599 - Industrial and Commercial Machinery and Equipment

NAICS Code

332710 - Machine Shops

Loan Approval Date

4/13/2001

Loan Approval Gross Amount

$101,000

Loan Approval from the SBA

Of the total $101,000 loan amount, the SBA guaranteed $85,850.

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 10 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans provide money to small business owners for working capital for other expenses.

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 Peoplesouth 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.

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