Local Business Gets a Tennessee SBA Loan

Looking to get a Tennessee business loan? This Tennessee entrepreneur got a business loan, provided by a Tennessee bank that works with the SBA to help small business owners.

You can learn something about getting a small business loan in Cordova, Tennessee by studying this loan to a local business, made back in 2007. Banks like Tennessee Business & Indust Devel may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
CORDOVA, TN 38018

SBA Loan Lender

TENNESSEE BUSINESS & INDUST DEVEL
1301 E. WOOD STREET, P.O. BOX
PARIS, TN 37402

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

1/8/2007

Loan Approval Gross Amount

$82,600

Loan Approval from the SBA

Of the total $82,600 loan amount, the SBA guaranteed $70,210.

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 2 employees. The loan application indicated that the loan would help generate 10 new jobs and retain 2 existing jobs.

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

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Tennessee Business & Indust Devel had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Tennessee Business & Indust Devel 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:

Business Incubators

SBA Banks in Paris, Tennessee

Tennessee SBA 7A Banks