Johnson City, TN Entrepreneur Gets SBA Loan to Buy I Sold It Franchise

Need money to purchase an I Sold It franchise? Bank Of Tennessee has a history of making these loans and they are guaranteed by the SBA.

I Sold It franchise loans are available to Johnson City, Tennessee entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Bank Of Tennessee, based in Kingsport, Tennessee, issued an SBA franchise loan for an I Sold It franchise in 2005. We've got all the details on this Tennessee small business loan.

SBA Loan Borrower

ISOLD IT
JOHNSON CITY, TN 37601

SBA Loan Lender

BANK OF TENNESSEE
301 E CENTER ST
KINGSPORT, TN 37660

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

452990 - General Merchandise Stores

Loan Approval Date

9/12/2005

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 a new business. This loan was used to buy an I Sold It franchise. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the company planned to use the funding to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Every year, the SBA guarantees over $10 billion for loans just like this one.

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 Bank Of Tennessee 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:

Obtaining Funding - How to Borrow Money

SBA Participating Banks in Kingsport, Tennessee

Tennessee SBA 7A Banks