SBA Loan from First Farmers & Merchants Bk Helps Site Preparation Contractors Company

First Farmers & Merchants Bk 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.

This business knew how to go about getting a business bank loan. Based in Columbia, Tennessee, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was First Farmers & Merchants Bk, based in Columbia, Tennessee.

SBA Loan Borrower

COMPANY TYPE: SITE PREPARATION CONTRACTORS
COLUMBIA, TN 38401

SBA Loan Lender

FIRST FARMERS & MERCHANTS BK
816 S GARDEN ST
COLUMBIA, TN 38401

This lender processed this loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

238910 - Site Preparation Contractors

Loan Approval Date

9/8/2004

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $25,000.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 3 employees. This SBA loan request indicated that the borrowed money would help generate 3 new jobs.

Next Steps for Getting an SBA Loan

If you need business start up money in Columbia TN, you ought to talk with a local Columbia SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Columbia businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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.

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