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April 23, 2024 |
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| Home > Small Business Lenders by State > Alabama Business Loan Sources > Birmingham, Business Loans > Compass Bank Birmingham Business Loans > Full-Service Restaurants Loan | ||||
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Best Banks That Lend to Mobile Small Business Owners
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Alabama Small Business Loan Issued to Full-Service Restaurants CompanyBank loans in Alabama are hard to find these days. We take a look at one Alabama bank loan, provided by an Alabama bank, that was approved by the SBA. Getting a small business loan in Mobile, Alabama was a top priority for this loan applicant back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Compass Bank. Here are the details on this Alabama small business loan. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender COMPASS BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 9/21/2006 Loan Approval Gross Amount $10,000 Loan Approval from the SBA Of the total $10,000 loan amount, the SBA guaranteed $5,000. 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 2 employees. This SBA loan request indicated that the loan would help retain 2 existing jobs. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank. 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: SBA 7A Banks in Birmingham, Alabama
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