Birmingham, Alabama Lender Lends Money to Michael R & Sheryl A Perkins

Want to talk with a Birmingham, Alabama bank about a business loan? Here's one Texas business loan, issued by a Birmingham bank, that was approved by the SBA.

Applying for an SBA loan with Compass Bank worked out well for our friends at Michael R & Sheryl A Perkins in Austin, Texas. The business was able to get an SBA loan for $216,000. Sweet!

SBA Loan Borrower

MICHAEL R & SHERYL A PERKINS
48 LAUREL HILL STREET
AUSTIN, TX 78737

SBA Loan Lender

COMPASS BANK
15 S 20TH ST
BIRMINGHAM, AL 35233

This lender provides SBA bank 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

235510 - Carpentry Contractors

Loan Approval Date

11/9/2001

Loan Approval Gross Amount

$216,000

Loan Approval from the SBA

Of the total $216,000 loan amount, the SBA guaranteed $162,000.

More Information on This SBA Loan

The borrower, Michael R & Sheryl A Perkins, 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 5 employees. The SBA loan application for the borrower indicated that the loan would help retain 5 existing jobs. This loan was paid in full, and was closed out on 5/5/2005.

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.

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:

Realistic Debt Financing Options

Small Business Banks in Birmingham, Alabama

SBA Lenders in Alabama

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