Business Loan from First Volunteer Bank - Tennessee Given to Coin-Operated Laundries And Drycleaning Company

An SBA loan from First Volunteer Bank - Tennessee typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Chattanooga, Tennessee business owner got a $99,000 loan.

This growing company received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with First Volunteer Bank - Tennessee, out of Chattanooga, Tennessee. The loan was granted and they received $99,000 to help grow their Chattanooga, Tennessee business.

SBA Loan Borrower

COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANING
CHATTANOOGA, TN 37405

SBA Loan Lender

FIRST VOLUNTEER BANK - TENNESSEE
728 BROAD ST
CHATTANOOGA, TN 37402

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7215 - Coin-Operated Laundries and Drycleaning

NAICS Code

812310 - Coin-Operated Laundries and Drycleaners

Loan Approval Date

5/13/2002

Loan Approval Gross Amount

$99,000

Loan Approval from the SBA

Of the total $99,000 loan amount, the SBA guaranteed $84,150.

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 3 employees. The loan application did not indicate that the company planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

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