Loan to Buy Plato's Closet Franchise Issued By Cornerstone Community Bank

Borrowing money to buy a Plato's Closet franchise? Cornerstone Community Bank has a history of making these loans and they are guaranteed by the SBA.

Plato's Closet franchise loans are available to Chattanooga, Tennessee entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Cornerstone Community Bank, based in Chattanooga, Tennessee, issued an SBA franchise loan for a Plato's Closet franchise in 2005. We've got all the details on this Tennessee small business loan.

SBA Loan Borrower

PLATO'S CLOSET
CHATTANOOGA, TN 37421

SBA Loan Lender

CORNERSTONE COMMUNITY BANK
6401 LEE HWY, STE B
CHATTANOOGA, TN 37421

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.

NAICS Code

448110 - Men's Clothing Stores

Loan Approval Date

3/25/2005

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Plato's Closet franchise. At the time of the loan, the company had 9 employees. The SBA loan documents did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Every year, the SBA guarantees over $10 billion for loans just like this one.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Plato's Closet

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Where to Get an SBA Loan in Chattanooga, Tennessee

SBA Lenders in Tennessee