Areas Served: Madison, Morgan, Marshall, DeKalb, Jackson, Limestone, Cullman, and Lawrence counties
WBCNA provides assistance to start-ups or existing businesses who need to borrow money for their small business in the North Alabama counties of Madison, Morgan, Marshall, DeKalb, Jackson, Limestone, Cullman, and Lawrence.
To date, the WBCNA has helped small business owners in North Alabama receive over $3,000,000 in small loans.
The SBA recognized that many segments of the small business community continue to have difficulty in accessing capital from traditional lending markets.
These businesses are generally newer, smaller businesses that need small size loans accompanied by technical assistance.
To assist these small businesses, the SBA developed the Community Express loan program, an innovative approach to bring SBA financing to areas where commercial loans have been difficult to get.
Additionally, lenders use expedited loan review and approval procedures to process these loans.
The SBA Community Express program is specifically designed to increase working capital, help business owners meet daily operating expenses and accelerate growth.
Community Express loans are an inexpensive alternative to expensive credit card debt, and provide a regular payment schedule.
Small businesses can apply for loans up to $50,000 with no collateral and 6-8 years repayment terms.
However, to receive over $25,000, the business must be located in a HUBZone or a Low-to-Moderate Income area (LMI).
To find out if you are in either of these areas, please go to the Locator tool on the Resources page under Financing and enter your address.
Proceeds can be used for purchasing inventory, machinery and equipment, land and buildings, and for working capital.
The loan proceeds CANNOT be used to purchase an existing business.
The small business MUST have a Business Plan and an existing business checking account.
Loan proceeds are wired directly into the account and payments are automatically debited each month.
The critical element of the program is the technical assistance that is provided by WBCNA.
Technical Assistance has been recognized as often crucial to the success of these businesses.
Borrowers can receive technical and management assistance from a local Technical Assistance Provider (TAP) before and after the loan closes.
Contact InformationWomen’s Business Center
Address: 225 Church Street
City: Huntsville
State: Alabama
Website:
http://www.wbcna.org/
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