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April 19, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Birmingham, Business Loans > Compass Bank Birmingham Business Loans > Car Washes Loan | ||||
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Alabama SBA Banks
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Birmingham, Alabama Lender Lends Money to Car Washes CompanyWant to talk with a Birmingham, Alabama bank about an SBA loan? Here's one Texas business loan, issued by a Birmingham bank, that was approved by the SBA. Applying for an SBA loan with Compass Bank worked out well for our friends at one local company in Hurst, Texas. The business was able to get an SBA loan for $1,238,000. Sweet! SBA Loan Borrower COMPANY TYPE: CAR WASHES 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 811192 - Car Washes Loan Approval Date 10/16/2003 Loan Approval Gross Amount $1,238,000 Loan Approval from the SBA Of the total $1,238,000 loan amount, the SBA guaranteed $928,500. 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 3 employees. The loan application indicated that the loan would help generate 4 new jobs and retain 3 existing jobs. Great, But How Can I Get an SBA Loan for My Business? Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Compass Bank and they will explain how you can get an SBA loan for your company. 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: Obtaining Funding - How to Borrow Money Who Lends Money to Small Businesses in Birmingham, Alabama
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