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| Entrepreneur Resources | Compass Bank Birmingham Business Loans | ||||
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How to Get SBA Money in Austin, Texas
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Austin, Texas Entrepreneur Gets a Small Business LoanSBA loans in Texas are hard to find these days. We take a look at one Texas SBA loan, provided by an Alabama bank, that was approved by the SBA.
By giving the right information to Compass Bank, this Austin, Texas business was able to get an SBA loan. To get this loan, Mcclendon Electrical Services gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower MCCLENDON ELECTRICAL SERVICES 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 235310 - Electrical Contractors Loan Approval Date 1/8/2001 Loan Approval Gross Amount $540,800 Loan Approval from the SBA Of the total $540,800 loan amount, the SBA guaranteed $405,600. More Information on This SBA Loan The borrower, Mcclendon Electrical Services, borrowed this money for an existing 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 50 employees. The SBA loan documents indicated that the loan would help retain 50 existing jobs. Getting an SBA Loan For Your Business SBA loans provide money to small business owners for working capital for other expenses. If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this Mcclendon Electrical Services loan from Compass Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. About This SBA Loan Information: All SBA loan data displayed above comes from the government's SBA loan database. Related Links: Banking Deregulation's Effects on Entrepreneurship Who Lends Money to Small Businesses 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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