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December 20, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Chattanooga, Business Loans > Cornerstone Community Bank Chattanooga Business Loans > Shoe Stores Loan | ||||
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Chattanooga, Tennessee Bank for SBA Loans
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Men's Clothing Stores Commercial LoansLooking for commercial loans for men's clothing stores? The SBA may be the answer. This $435,000 men's clothing stores loan was issued by a Tennessee bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Chattanooga, Tennessee was able to borrow $435,000 from Cornerstone Community Bank. The SBA made the loan possible by guaranteeing $326,250 of this Tennessee small business loan. SBA Loan Borrower COMPANY TYPE: SHOE STORES SBA Loan Lender CORNERSTONE COMMUNITY BANK At the time this loan was granted, this lending institution was part of the SBA's Certified Lenders Program (CLP). This program is designed to provide rapid 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 5661 - Shoe Stores NAICS Code 448110 - Men's Clothing Stores Loan Approval Date 12/5/2006 Loan Approval Gross Amount $435,000 Loan Approval from the SBA Of the total $435,000 loan amount, the SBA guaranteed $326,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 14 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Cornerstone Community Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Cornerstone Community Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Small Bank Loans in Chattanooga, Tennessee
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