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Small Business Loans in Alabama

If you’re thinking about doing business in Alabama, maybe you should hear the not-so-good news first. According to Nerd Wallet, the number of people getting small business loans per the 100,000 is small. Only 15.38 out of 100,000 people got small business loans in 2015. And it only ranked number 42 out of the 50 plus Washington, D.C. for the number of entrepreneurs and start-ups in the state.

But there’s a true silver lining. Alabama is growing, and according to AL.com, 51 of the states business count among the fastest-growing private companies (as of 2015.)

So What Companies are on the List?

AL.com based its research on an article in Inc., which rated the top 5000 companies that showed rapid growth. Of the two that made the top 500, Trident Technologies came in at number 68 and Thompson Gray ranked at 372. VetInternetCo.com almost made the top 500 at 505.

And many of the businesses that landed on the top 500 list were in growth industries like tech and health. If anything, these companies and the other ones on the list show that it’s possible for a business to thrive in Alabama.

Other Thriving Businesses – Tourism

Would-be small-business owners in Alabama aren’t limited to starting tech companies in order to make money. Those who work in industries like tourism should find a friendly work environment. With destinations like the U.S. Space and Rocket Center and a beautiful coastline, Alabama attracts plenty of visitors each year.

According to a government brochure, 25 million people visited Alabama in 2015. They spent nearly $13 billion dollars in the state, nearly double what they did the year before. And travel and tourism represent 6.25 of the state’s GDP. Almost 176,000 jobs were attributed to travel and tourism in the state.

Additional Thoughts on Doing Business Here

Alabama’s industries are also supported by a university system that can train and educate future employees. These higher learning institutions include the University of Alabama; the Alabama College of Osteopathic Medicine; Auburn University; Community College of the Air Force; and Faulkner University to name but a few.

Finally, a number of banks offering small-business loans to would-be entrepreneurs call Alabama home. Below, you’ll find a list of a few of them plus links to more.

SBA-Friendly Banks in Alabama

First Metro Bank

406 West Avalon Avenue
Muscle Shoals, AL 35661
Phone: 256-386-0600
Fax: 256-386-0651
Website Contact/ Hours

Citizens Bank & Trust (Albertville Office)
324 N Broad St
Albertville, AL 35950
Phone: 256-878-9893
Fax: 256-279-0013
Website Contact/ Hours

Premier Bank of the South
PO Box 1708
Cullman, AL 35056
Main Office: 256-737-9900
Website Contact/ Hours

This list is not comprehensive. To see all the banks that offer small business loans, refer to this SBA document.

Final Thoughts on Business in Alabama

Although the state has ranked lower on the Nerd Wallet index for people getting small-business loans, Alabama has many thriving private businesses and industries. It additionally has an excellent education system to help train up future employees and beautiful landscapes. These beautiful places attract tourists and residents alike. All in all, it’s a lovely place for a business owner to call home and to start a thriving business in the process.