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May 2, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Birmingham, Business Loans > Compass Bank Birmingham Business Loans > Beauty Shops Loan | ||||
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Alabama Bank SBA Loans
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Compass Bank SBA Loan to Beauty Shops CompanyLooking to get a Texas small business loan? Here's one Texas business loan that was approved by the SBA. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Fort Worth, Texas was able to borrow $1,561,600 from Compass Bank. The SBA made the loan possible by guaranteeing $749,880 of this Texas small business loan. SBA Loan Borrower COMPANY TYPE: BEAUTY SHOPS 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. SIC Code 7231 - Beauty Shops Loan Approval Date 7/26/2000 Loan Approval Gross Amount $1,561,600 Loan Approval from the SBA Of the total $1,561,600 loan amount, the SBA guaranteed $749,880. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help generate 3 new jobs and retain 1 existing job. Getting an SBA Loan For Your Business Every year, the SBA guarantees over $10 billion for loans just like this one. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Compass Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Microlending as a Small Business Funding Source SBA Participating Banks in Birmingham, Alabama
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