Business Loan from Farmers And Merchants Bank Given to Air-Conditioning, Refrigeration And Heating Company

Farmers And Merchants Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Tennessee entrepreneur who tapped into the power of SBA loans.

This growing company received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Farmers And Merchants Bank, out of Bolivar, Tennessee. The loan was granted and they received $700,000 to help grow their Bolivar, Tennessee business.

SBA Loan Borrower

COMPANY TYPE: AIR-CONDITIONING, REFRIGERATION AND HEATING
BOLIVAR, TN 38007

SBA Loan Lender

FARMERS AND MERCHANTS BANK
1315 W MARKET
BOLIVAR, TN 38008

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

3585 - Air-Conditioning, Refrigeration and Heating

NAICS Code

333415 - Air-Conditioning and Warm Air Heating Equipment

Loan Approval Date

4/17/2000

Loan Approval Gross Amount

$700,000

Loan Approval from the SBA

Of the total $700,000 loan amount, the SBA guaranteed $525,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 23 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to 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.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Farmers And Merchants Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Business Credit Evaluation

Small Business Banks in Bolivar, Tennessee

Tennessee SBA Bank Lenders