Knoxville, Tennessee Entrepreneur Gets a Business Loan

TennesseeSmall business loans are available to Tennessee small business owners through the SBA. In this case, a Tennessee bank provides the loan.

Getting a small business loan in Knoxville, Tennessee was a top priority for this small company back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Regions Bank. Here are the details on this Tennessee small business loan.

SBA Loan Borrower

COMPANY TYPE: VARIETY STORES
KNOXVILLE, TN 37912

SBA Loan Lender

REGIONS BANK
302 N PETERS RD
KNOXVILLE, TN 37922

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5331 - Variety Stores

NAICS Code

452990 - General Merchandise Stores

Loan Approval Date

7/6/2000

Loan Approval Gross Amount

$81,340

Loan Approval from the SBA

Of the total $81,340 loan amount, the SBA guaranteed $65,072.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. The loan application did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start a business or already have a business and need money to expand, an SBA loan can be a great source of funding.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

504 Loans

SBA Banks in Knoxville, Tennessee

Tennessee SBA 7A Lenders