Chattanooga, Tennessee Bank Gives SBA Loan to Machine Tool Manufacturing Company

A Chattanooga, Tennessee small business loan can be yours. Learn how a company got a $125,850 business loan from this Tennessee bank.

This loan to an entrepreneur is a good example of an SBA loan. Cornerstone Community Bank made the loan and the SBA guaranteed a portion of the loan. Many other Georgia entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take.

SBA Loan Borrower

COMPANY TYPE: MACHINE TOOL MANUFACTURING
FLINTSTONE, GA 30725

SBA Loan Lender

CORNERSTONE COMMUNITY BANK
6401 LEE HWY, STE B
CHATTANOOGA, TN 37421

This lender issued this particular small business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333513 - Machine Tool Manufacturing

Loan Approval Date

10/27/2004

Loan Approval Gross Amount

$125,850

Loan Approval from the SBA

Of the total $125,850 loan amount, the SBA guaranteed $106,972.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 12 employees. The SBA loan application for the borrower did not indicate that the company planned to use the funding to hire new employees or retain any existing employees.

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

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Cornerstone Community Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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 Cash Advances

SBA Approved Banks in Chattanooga, Tennessee

Getting an SBA Loan in Tennessee