First Tennessee Bank Provides SBA Loan to Buy Chem-Dry Franchise

Need money to purchase a Chem-Dry franchise? First Tennessee Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Chem-Dry franchise? If so, here's a 2001 SBA franchise loan that you should know about. First Tennessee Bank was the lender and the entrepreneur was based in Cleveland, Tennessee.

SBA Loan Borrower

CHEM-DRY OF NORTHWEST GEORGIA
CLEVELAND, TN 37323

SBA Loan Lender

FIRST TENNESSEE BANK
775 RAIDER DR
CLEVELAND, TN 37312

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7217 - Carpet and Upholstery Cleaning

NAICS Code

561740 - Carpet and Upholstery Cleaning Services

Loan Approval Date

6/21/2001

Loan Approval Gross Amount

$40,000

Loan Approval from the SBA

Of the total $40,000 loan amount, the SBA guaranteed $34,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Chem-Dry franchise. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees.

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

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

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $40,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Chem-Dry Carpet & Upholstery Cleaning

How Equity Dilution Works

Who Lends Money to Small Businesses in Cleveland, Tennessee

Where to Get an SBA Loan Tennessee