Commun Bank - E. Tennessee Provides SBA Loan to Buy Bruster's Franchise

Borrowing money to buy a Bruster's franchise? Commun Bank - E. Tennessee has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Bruster's franchise may simply require a phone call to a local SBA banker. In 2001, Commun Bank - E. Tennessee issued an SBA franchise loan to an entrepreneur in Knoxville, Tennessee. Because Bruster's was registered with the SBA's registry of franchises, this Tennessee small business loan was issued on an expedited basis.

SBA Loan Borrower

BRUSTER'S OLD-FASHIONED ICE CR
KNOXVILLE, TN 37923

SBA Loan Lender

COMMUN BANK - E. TENNESSEE
151 E BROAD ST
CLINTON, TN 37716

This debt financing 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

5812 - Eating Places

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

9/12/2001

Loan Approval Gross Amount

$520,000

Loan Approval from the SBA

Of the total $520,000 loan amount, the SBA guaranteed $390,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Bruster's franchise. At the time of the loan, the company had 28 employees. The loan application did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

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

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 Commun Bank - E. 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:

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Banking Deregulation's Effects on Entrepreneurship

SBA Banks in Clinton, Tennessee

Tennessee SBA 7A Banks