Kingsport, Tennessee Business Gets SBA-Guaranteed Funding from 1st Bank & Trust

An SBA loan from 1st Bank & Trust typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Kingsport, Tennessee business owner got a $31,000 loan.

This growing company knew how to go about getting a business bank loan. Based in Kingsport, Tennessee, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was 1st Bank & Trust, based in Johnson City, Tennessee.

SBA Loan Borrower

COMPANY TYPE: KNIT FABRIC AND LACE MILLS
KINGSPORT, TN 37663

SBA Loan Lender

1ST BANK & TRUST
1185 N STATE OF FRANKLIN RD
JOHNSON CITY, TN 37602

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

313249 - Knit Fabric and Lace Mills

Loan Approval Date

6/29/2004

Loan Approval Gross Amount

$31,000

Loan Approval from the SBA

Of the total $31,000 loan amount, the SBA guaranteed $26,350.

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 only one employee. The SBA loan documents did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide money to small business owners for working capital for other expenses.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

SBIR Funding

Banks in Johnson City, Tennessee

Tennessee SBA 7A Banks