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April 26, 2024 |
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| Home > Small Business Lenders by State > Alabama Business Loan Sources > Leeds, Business Loans > Covenant Bank Leeds Business Loans > Landscaping Services Loan | ||||
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Leeds, Alabama SBA Lenders
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Leeds, Alabama Lender Lends Money to Landscaping Services CompanyGet business loans from a Leeds, Alabama bank that knows how to treat small business owners right! If this firm can get a loan, there's no reason you can't do it too. Covenant Bank is a Leeds, Alabama small business lender that is dedicated to providing financing to small businesses. In this case, they gave a small business loan to an Alabama company. SBA Loan Borrower COMPANY TYPE: LANDSCAPING SERVICES SBA Loan Lender COVENANT BANK The lender provided this commercial loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 561730 - Landscaping Services Loan Approval Date 11/30/2004 Loan Approval Gross Amount $25,000 Loan Approval from the SBA Of the total $25,000 loan amount, the SBA guaranteed $12,500. 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 10 employees. The loan application did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan If you are raising money in Bessemer AL, you ought to talk with a local Bessemer SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Bessemer businesses. 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: SBA Approved Banks in Leeds, Alabama
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