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November 15, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Jackson, Business Loans > First South Bank Jackson Business Loans > Wood Kitchen Cabinet And Countertop Manufacturing Loan | ||||
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Jackson, Tennessee Bank Loan
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Jackson, Tennessee Entrepreneur Gets a Small Business LoanTennesseeBank loans are available to Tennessee firms through the SBA. In this case, a Tennessee bank provides the loan. This small business, based in Jackson, Tennessee, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from First South Bank. We've got the inside scoop on this Tennessee small business loan. SBA Loan Borrower COMPANY TYPE: WOOD KITCHEN CABINET AND COUNTERTOP MANUFACTURING SBA Loan Lender FIRST SOUTH BANK This lender issued this particular SBA business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 337110 - Wood Kitchen Cabinet and Countertop Manufacturing Loan Approval Date 5/10/2005 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $85,000. 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 7 employees. The SBA loan documents did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. 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 First South 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: Best Banks for Small Business in Jackson, Tennessee
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