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May 2, 2024 |
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| Home > Small Business Lenders by State > Colorado Business Loan Sources > Birmingham, Business Loans > Compass Bank Birmingham Business Loans > Beauty Salons Loan | ||||
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Banks Doing SBA Loans in Alabama
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Birmingham, Alabama Bank Gives SBA Loan to Beauty Salons CompanyGet to know Birmingham, Alabama banks that specialize in business loans and know how to work with entrepreneurs. Compass Bank is one such bank, as evidenced by this SBA loan to a growing company. Finding a small business loan in Englewood, Colorado starts with an understanding of who else has gotten loans in the area. In this case, a local company received funding from Compass Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: BEAUTY SALONS SBA Loan Lender COMPASS BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 812112 - Beauty Salons Loan Approval Date 11/25/2002 Loan Approval Gross Amount $300,000 Loan Approval from the SBA Of the total $300,000 loan amount, the SBA guaranteed $225,000. 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 33 employees. This SBA loan request indicated that the loan would help generate 1 new job and retain 33 existing jobs. 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 Compass 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: Role of Business Plan When Raising Money Who Lends Money to Small Businesses in Birmingham, Alabama
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