Bank Of America SBA Loan to Food Manufacturing Company
Bank Of America 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.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Iron City, Tennessee was able to borrow $73,000 from Bank Of America. The SBA made the loan possible by guaranteeing $36,500 of this Tennessee small business loan.
SBA Loan Borrower
COMPANY TYPE: FOOD MANUFACTURING
IRON CITY, TN 38463
SBA Loan Lender
BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255
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
311999 - Food Manufacturing
Loan Approval Date
12/1/2006
Loan Approval Gross Amount
$73,000
Loan Approval from the SBA
Of the total $73,000 loan amount, the SBA guaranteed $36,500.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company
had 4 employees. The SBA loan application for the borrower indicated that the loan would help retain 4 existing jobs.
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.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bank Of America that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).
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:
Borrowing Money from Friends and Family
Find an SBA Lender in Charlotte, North Carolina
Getting an SBA Loan in North Carolina