Suntrust Bank Gives Small Business Loan to Landscaping Services Company

Bank loans in Tennessee are are few and far betweeen these days. We take a look at one Tennessee bank loan, provided by a Virginia bank, that was approved by the SBA.

Getting a small business loan in Franklin, Tennessee was a top priority for this loan applicant back in 2008 and, based on their loan application, they were successful in getting an SBA loan from Suntrust Bank. Here are the details on this Tennessee small business loan.

SBA Loan Borrower

COMPANY TYPE: LANDSCAPING SERVICES
Franklin, TN 37064

SBA Loan Lender

SUNTRUST BANK
1001 SEMMES AVE, RVW 4323
RICHMOND, VA 23224

This lender processed this commercial 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

561730 - Landscaping Services

Loan Approval Date

2/13/2008

Loan Approval Gross Amount

$87,700

Loan Approval from the SBA

Of the total $87,700 loan amount, the SBA guaranteed $43,850.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had no employees. The loan application indicated that the loan would help create 1 new job.

Getting an SBA Loan For Your Business

SBA loans provide smart, affordable business financing for small businesses looking to expand.

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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