Business Loan from Compass Bank Given to Hangers Dry Cleaners

An SBA loan from Compass Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Austin, Texas business owner got a $600,000 loan.

Hangers Dry Cleaners received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Compass Bank, out of Birmingham, Alabama. The loan was granted and they received $600,000 to help grow their Austin, Texas business.

SBA Loan Borrower

HANGERS DRY CLEANERS
1300 EAST 38 1/2 STREET
AUSTIN, TX 78722

SBA Loan Lender

COMPASS BANK
15 S 20TH ST
BIRMINGHAM, AL 35233

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

812320 - Drycleaning and Laundry Services (except Coin-Operated)

Loan Approval Date

11/30/2001

Loan Approval Gross Amount

$600,000

Loan Approval from the SBA

Of the total $600,000 loan amount, the SBA guaranteed $450,000.

More Information on This SBA Loan

The borrower, Hangers Dry Cleaners, borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 33 employees. This SBA loan request indicated that the loan would help generate 7 new jobs and retain 26 existing jobs. This loan was paid in full, and was closed out on 3/5/2003.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Compass Bank and they will explain how you can get an SBA loan for your company.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's SBA loan database.

Related Links:

Equity Financing

SBA 7A Banks for Birmingham, Alabama Loans

Alabama SBA 7A Banks

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