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December 21, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Brentwood, Business Loans > Bancorpsouth Bank Brentwood Business Loans > Motor Vehicle Dealers Loan | ||||
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Banks in Brentwood, Tennessee That Make SBA Loans
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Brentwood, Tennessee Bank Lends Money to Motor Vehicle Dealers Company in Brentwood, TennesseeWant to talk with a Brentwood, Tennessee bank about a small business loan? Here's one Tennessee business loan, issued by a Brentwood bank, that was approved by the SBA. Applying for an SBA loan with Bancorpsouth Bank worked out well for our friends at one local firm in Brentwood, Tennessee. They received an SBA loan for $475,915. Sweet! SBA Loan Borrower COMPANY TYPE: MOTOR VEHICLE DEALERS SBA Loan Lender BANCORPSOUTH BANK When this loan was made, this lending institution was part of the SBA's Certified Lenders Program (CLP). This program was created to offer expeditious service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5521 - Motor Vehicle Dealers NAICS Code 441120 - Used Car Dealers Loan Approval Date 10/1/2003 Loan Approval Gross Amount $475,915 Loan Approval from the SBA Of the total $475,915 loan amount, the SBA guaranteed $356,936. 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 3 employees. The SBA loan application for the borrower did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan If you are wondering how to find money to start a business or need money for an existing business, an SBA loan can be a great source of funding. 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: Where to Get an SBA Loan in Brentwood, Tennessee
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