Nature Parks and Similar Institutions Loans

With these loans for nature parks and similar institutions, the SBA guarantees the lender that the loan will be repaid. This nature parks and similar institutions loan for $245,500 was given to a Tennessee entrepreneur in 2004.

This small firm knew how to go about getting a business bank loan. Based in Blountville, Tennessee, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was First Commun Bank, based in Johnson City, Tennessee.

SBA Loan Borrower

COMPANY TYPE: AMUSEMENT AND RECREATION SERVICES
BLOUNTVILLE, TN 37617

SBA Loan Lender

FIRST COMMUN BANK
300 SUNSET DR
JOHNSON CITY, TN 37604

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This commercial loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7999 - Amusement and Recreation Services

NAICS Code

712190 - Nature Parks and Similar Institutions

Loan Approval Date

7/9/2004

Loan Approval Gross Amount

$245,500

Loan Approval from the SBA

Of the total $245,500 loan amount, the SBA guaranteed $184,125.

More Information on This SBA Loan

The borrower 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 8 employees. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

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 publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

Determining Proper Capital Structure for a Business

Where to Get an SBA Loan in Johnson City, Tennessee

Getting an SBA Loan in Tennessee