Loan Census Banking News and Information
November 10, 2024  
 
 
  Business Loan Information  
 

Tuscaloosa, Alabama Bank Loan

 

 
Loan Census SBA Loan Info

Raising Money for Lawyers

Looking for bank loans for lawyers? Talk to a banker who works with the SBA. This $50,000 lawyers loan was issued by an Alabama bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Tuscaloosa, Alabama was able to borrow $50,000 from Wachovia Bank. The SBA made the loan possible by guaranteeing $40,000 of this Alabama small business loan.

SBA Loan Borrower

COMPANY TYPE: LEGAL SERVICES
TUSCALOOSA, AL 35405

SBA Loan Lender

WACHOVIA BANK
1427 GREENSBORO AVE
TUSCALOOSA, AL 35403

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8111 - Legal Services

NAICS Code

541110 - Lawyers

Loan Approval Date

1/21/2000

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $40,000.

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 SBA loan documents did not indicate that the company promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

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:

Banking Deregulation's Effects on Entrepreneurship

SBA Participating Banks in Tuscaloosa, Alabama

Getting a Business Loan in Alabama