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November 23, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Knoxville, Business Loans > Community So. Bank D.B.A Commun Knoxville Business Loans > Grocery Stores Loan | ||||
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Community So. Bank D.B.A Commun
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Columbia, Tennessee Business Gets SBA-Guaranteed Funding from Community So. Bank D.B.A CommunCommunity So. Bank D.B.A Commun and the SBA work together to get business loans for growing small businesses. Here's an example of how a Tennessee entrepreneur was able to get a loan to take a small business to the next level. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Columbia, Tennessee was able to borrow $875,000 from Community So. Bank D.B.A Commun. The SBA made the loan possible by guaranteeing $656,250 of this Tennessee small business loan. SBA Loan Borrower COMPANY TYPE: GROCERY STORES SBA Loan Lender COMMUNITY SO. BANK D.B.A COMMUN The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide debt financing to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5411 - Grocery Stores NAICS Code 445120 - Convenience Stores Loan Approval Date 6/28/2004 Loan Approval Gross Amount $875,000 Loan Approval from the SBA Of the total $875,000 loan amount, the SBA guaranteed $656,250. 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 4 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the money to add employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Community So. Bank D.B.A Commun that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: How Much Venture Capital Is There? SBA 7A Banks in Knoxville, Tennessee Where to Get an SBA Loan Tennessee
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