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December 20, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Chattanooga, Business Loans > Cornerstone Community Bank Chattanooga Business Loans > General Automotive Repair Shops Loan | ||||
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Banks for Hixson, Tennessee Business Owners
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General Automotive Repair Business LoansLooking for business loans for general automotive repair? An SBA loan may be just what you've been looking for. This $45,000 general automotive repair loan was issued by a Tennessee bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Hixson, Tennessee was able to borrow $45,000 from Cornerstone Community Bank. The SBA made the loan possible by guaranteeing $38,250 of this Tennessee small business loan. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS SBA Loan Lender CORNERSTONE COMMUNITY BANK This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7538 - General Automotive Repair Shops NAICS Code 811111 - General Automotive Repair Loan Approval Date 7/29/2005 Loan Approval Gross Amount $45,000 Loan Approval from the SBA Of the total $45,000 loan amount, the SBA guaranteed $38,250. 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 only one employee. This SBA loan request did not indicate that the small business promised to use the funding to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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: SBA Approved Banks in Chattanooga, Tennessee
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