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| Entrepreneur Resources | Compass Bank Birmingham Business Loans | ||||
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SBA Lenders in Texas
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SBA Loan from Compass Bank Helps Celeste Sheppard Md PaCompass Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Texas entrepreneur who tapped into the power of SBA loans.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Austin, Texas was able to borrow $461,700 from Compass Bank. The SBA made the loan possible by guaranteeing $346,275 of this Texas small business loan. SBA Loan Borrower CELESTE SHEPPARD MD PA SBA Loan Lender COMPASS BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 621111 - Offices of Physicians (except Mental Health Specialists) Loan Approval Date 6/22/2004 Loan Approval Gross Amount $461,700 Loan Approval from the SBA Of the total $461,700 loan amount, the SBA guaranteed $346,275. More Information on This SBA Loan The borrower, Celeste Sheppard Md Pa, borrowed this money for a new business. The SBA's record indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 1 existing job. Next Steps for Getting an SBA Loan Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. We can help you find the best banks for small businesses in Austin or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success. About This SBA Loan Information: All SBA loan data displayed above comes from the government's SBA loan database. Related Links: Family and Friend Investors - Your First Financiers Find an SBA Lender in Birmingham, Alabama If you are an ambitious entrepreneur or an aspiring executive looking to get involved with a startup, please take the time to learn more about Gaebler Ventures.
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