Chattanooga, Tennessee Entrepreneur Gets a Business Loan

SBA loans in Tennessee are hard to find these days. We take a look at one Tennessee SBA loan, provided by an Ohio bank, that was approved by the SBA.

This business, based in Chattanooga, Tennessee, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Eaton National Bank & Trust.. We've got the inside scoop on this Tennessee small business loan.

SBA Loan Borrower

COMPANY TYPE: INDUSTRIAL MACHINERY AND EQUIPMENT
CHATTANOOGA, TN 37405

SBA Loan Lender

EATON NATIONAL BANK & TRUST.
110 W MAIN ST
EATON, OH 45320

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

5084 - Industrial Machinery and Equipment

NAICS Code

421830 - Industrial Machinery and Equipment Wholesalers

Loan Approval Date

7/26/2002

Loan Approval Gross Amount

$450,000

Loan Approval from the SBA

Of the total $450,000 loan amount, the SBA guaranteed $337,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 14 employees. The loan application did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Eaton National Bank & Trust. and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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

Banks in Eaton, Ohio

Ohio SBA Banks