First South Bank Gives SBA Loan to Security Systems Services Company

Small business loans in Tennessee are hard to find these days. We take a look at one Tennessee small business loan, provided by a Tennessee bank, that was approved by the SBA.

Getting a small business loan in Jackson, Tennessee was a top priority for this small company back in 2004 and, based on their loan application, they were successful in getting an SBA loan from First South Bank. Here are the details on this Tennessee small business loan.

SBA Loan Borrower

COMPANY TYPE: SECURITY SYSTEMS SERVICES
JACKSON, TN 38301

SBA Loan Lender

FIRST SOUTH BANK
1862 HWY 45 BY-PASS
JACKSON, TN 38305

This loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7382 - Security Systems Services

NAICS Code

561621 - Security Systems Services

Loan Approval Date

9/8/2004

Loan Approval Gross Amount

$310,000

Loan Approval from the SBA

Of the total $310,000 loan amount, the SBA guaranteed $232,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 10 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like First South Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Direct Public Offerings

SBA 7A Banks for Jackson, Tennessee Loans

Tennessee SBA 7A Lenders