First Bank Of Tennessee SBA Loan to Coin-Operated Laundries And Drycleaning Company

First Bank Of Tennessee is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Tennessee entrepreneur who tapped into the power of SBA loans.

This small firm knew how to go about getting a business bank loan. Based in Collegedale, Tennessee, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was First Bank Of Tennessee, based in Spring City, Tennessee.

SBA Loan Borrower

COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANING
COLLEGEDALE, TN 37315

SBA Loan Lender

FIRST BANK OF TENNESSEE
369 FRONT ST
SPRING CITY, TN 37381

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA bank loan was issued via the SBA 7a lending program.

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

8/8/2005

Loan Approval Gross Amount

$642,134

Loan Approval from the SBA

Of the total $642,134 loan amount, the SBA guaranteed $481,601.

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 19 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees 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.

We can help you find the best banks for small businesses in Collegedale or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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 Incubators

Banks in Spring City, Tennessee

SBA Lenders in Tennessee