Compass Bank SBA Loan to 360 Technologies Inc

Compass Bank has a track record as a leading provider of SBA loans. Find out how this Texas entrepreneur received an SBA loan from them.

360 Technologies Inc received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Compass Bank, out of Birmingham, Alabama. The loan was granted and they received $1,554,000 to help grow their Austin, Texas business.

SBA Loan Borrower

360 TECHNOLOGIES INC
15304 PHEASANT LANE
AUSTIN, TX 78734

SBA Loan Lender

COMPASS BANK
15 S 20TH ST
BIRMINGHAM, AL 35233

This lender provides SBA guaranteed business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

443120 - Computer and Software Stores

Loan Approval Date

9/2/2004

Loan Approval Gross Amount

$1,554,000

Loan Approval from the SBA

Of the total $1,554,000 loan amount, the SBA guaranteed $1,165,500.

More Information on This SBA Loan

The borrower, 360 Technologies Inc, borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 20 employees. This SBA loan request indicated that the loan would help generate 2 new jobs and retain 20 existing jobs.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

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 SBA loan database.

Related Links:

The Art of Bootstrapping

SBA Banks in Birmingham, Alabama

SBA Lenders in Alabama

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