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| Entrepreneur Resources | Compass Bank Birmingham Business Loans | ||||
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Banks Doing SBA Loans in Alabama
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Birmingham, Alabama Bank Gives SBA Loan to Red DesireFind Birmingham, Alabama banks that specialize in small business loans and know how to work with entrepreneurs. Compass Bank is one such bank, as evidenced by this SBA loan to Red Desire.
Finding a small business loan in Austin, Texas starts with an understanding of who else has gotten loans in the area. In this case, Red Desire received funding from Compass Bank Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower RED DESIRE 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 812112 - Beauty Salons Loan Approval Date 6/20/2003 Loan Approval Gross Amount $164,000 Loan Approval from the SBA Of the total $164,000 loan amount, the SBA guaranteed $123,000. More Information on This SBA Loan The borrower, Red Desire, borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the loan would help retain 1 existing job. Start the Process for Getting an SBA Loan Today! 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. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. Red Desire needed a loan. Compass Bank probably wouldn't have granted the loan based on the merits of the company, but with the SBA stepping up and agreeing to guarantee part of the loan, Compass Bank made the loan. The end result was that Red Desire was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. About This SBA Loan Information: All SBA loan data displayed above comes from the government's SBA loan database. Related Links: Obtaining Funding From a Venture Capitalist Best Banks in Birmingham, Alabama Where to Get an SBA Loan 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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