Growing Company Gets a Tennessee SBA Loan

Bank loans in Tennessee are are few and far betweeen these days. We take a look at one Tennessee bank loan, provided by a Tennessee bank, that was approved by the SBA.

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

SBA Loan Borrower

COMPANY TYPE: LIMOUSINE SERVICE
KNOXVILLE, TN 37901

SBA Loan Lender

FIRST CENTURY BANK
1780 N BROAD ST
TAZEWELL, TN 37879

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

485320 - Limousine Service

Loan Approval Date

8/18/2004

Loan Approval Gross Amount

$394,300

Loan Approval from the SBA

Of the total $394,300 loan amount, the SBA guaranteed $197,150.

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 15 employees. The SBA loan documents indicated that the loan would help retain 15 existing jobs.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $394,300 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

The Art of Bootstrapping

SBA 7A Banks for Tazewell, Tennessee Loans

Tennessee SBA Bank Lenders