Loan to Buy Floor-To-Ceiling Store Franchise Issued By First South Bank

Borrowing money to buy a Floor-To-Ceiling Store franchise? First South Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Floor-To-Ceiling Store franchise may simply require a phone call to a local SBA banker. In 2005, First South Bank issued an SBA franchise loan to an entrepreneur in Jackson, Tennessee. Because Floor-To-Ceiling Store was registered with the SBA's registry of franchises, this Tennessee small business loan was issued on an expedited basis.

SBA Loan Borrower

NERREN'S FLOOR-TO-CEILING
JACKSON, TN 38301

SBA Loan Lender

FIRST SOUTH BANK
1955 S HIGHLAND
JACKSON, TN 38301

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. 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.

NAICS Code

541410 - Interior Design Services

Loan Approval Date

8/16/2005

Loan Approval Gross Amount

$20,000

Loan Approval from the SBA

Of the total $20,000 loan amount, the SBA guaranteed $17,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Floor-To-Ceiling Store franchise. At the time of the loan, the company had 7 employees. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from First South Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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