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April 25, 2024 |
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| Home > Small Business Lenders by State > Alabama Business Loan Sources > Decatur, Business Loans > Renasant Bank Decatur Business Loans > Beauty Shops Loan | ||||
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AL Business Loans from Renasant Bank
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Business Loan from Renasant Bank Given to Beauty Shops CompanyRenasant Bank has a track record as a leading provider of SBA loans. Find out how this Alabama entrepreneur received an SBA loan from them. This growing company received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Renasant Bank, out of Decatur, Alabama. The loan was granted and they received $118,000 to help grow their Decatur, Alabama business. SBA Loan Borrower COMPANY TYPE: BEAUTY SHOPS SBA Loan Lender RENASANT BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7231 - Beauty Shops NAICS Code 812112 - Beauty Salons Loan Approval Date 6/17/2002 Loan Approval Gross Amount $118,000 Loan Approval from the SBA Of the total $118,000 loan amount, the SBA guaranteed $100,300. More Information on This SBA Loan The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 4 employees. This SBA loan request did not indicate that the business planned to use the funding to increase staffing levels or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? Every year, the SBA guarantees over $10 billion for loans just like this one. 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: Who Lends Money to Small Businesses in Decatur, Alabama
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