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April 19, 2024 |
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| Home > Small Business Lenders by State > Alabama Business Loan Sources > Leeds, Business Loans > Covenant Bank Leeds Business Loans > Amerispec Home Inspection Serv Loan | ||||
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Moody, Alabama Bank for SBA Loans
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Covenant Bank Provides SBA Loan to Buy Amerispec FranchiseBorrowing money to buy an Amerispec franchise? Covenant Bank has a history of making these loans and they are guaranteed by the SBA. Amerispec franchise loans are available to Moody, Alabama entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Covenant Bank, based in Leeds, Alabama, issued an SBA franchise loan for an Amerispec franchise in 2006. We've got all the details on this Alabama small business loan. SBA Loan Borrower AMERISPEC HOME INSPECTION SERV SBA Loan Lender COVENANT 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 541350 - Building Inspection Services Loan Approval Date 2/23/2006 Loan Approval Gross Amount $30,000 Loan Approval from the SBA Of the total $30,000 loan amount, the SBA guaranteed $15,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was used to buy an Amerispec franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower indicated that the borrowed money would help create 1 new job. Getting an SBA Loan For Your Business Every year, the SBA guarantees over $10 billion for loans just like this one. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: AmeriSpec Home Inspection Service Small Bank Loans in Leeds, Alabama
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