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May 25, 2024  
 
 
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Loan Census SBA Loan Info

Dothan, Alabama Bank Lends Money to Formal Wear And Costume Rental Company in Dothan, Alabama

Want to talk with a Dothan, Alabama bank about a business loan? Here's one Alabama business loan, issued by a Dothan bank, that was approved by the SBA.

Applying for an SBA loan with Peoplesouth Bank worked out well for our friends at one local company in Dothan, Alabama. They got an SBA loan for $100,000. Sweet!

SBA Loan Borrower

COMPANY TYPE: FORMAL WEAR AND COSTUME RENTAL
DOTHAN, AL 36301

SBA Loan Lender

PEOPLESOUTH BANK
2926 ROSS CLARK CIRCLE
DOTHAN, AL 36304

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

532220 - Formal Wear and Costume Rental

Loan Approval Date

12/30/2005

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

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 3 employees. The loan application did not indicate that the business promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

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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