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June 16, 2021  
 
 
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Alabama SBA 7A Lenders

 

 
Loan Census SBA Loan Info

Moody, Alabama Bank Lends Money to Offices And Clinics Of Dentists Company in Trussville, Alabama

Get to know Moody, Alabama banks that specialize in business loans and know how to work with entrepreneurs. Covenant Bank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Trussville, Alabama starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from Covenant Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: OFFICES AND CLINICS OF DENTISTS
TRUSSVILLE, AL 35173

SBA Loan Lender

COVENANT BANK
2603 MOODY PKWY
MOODY, AL 35004

This lender issued this commercial loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8021 - Offices and Clinics of Dentists

NAICS Code

621210 - Dentists

Loan Approval Date

6/2/2003

Loan Approval Gross Amount

$130,000

Loan Approval from the SBA

Of the total $130,000 loan amount, the SBA guaranteed $110,500.

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 4 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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 Covenant 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.

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