Tennessee Business Loan Issued to Woodworking Machinery Company
TennesseeBank loans are available to Tennessee firms through the SBA. In this case, a Tennessee bank provides the loan.
You can learn something about getting a small business loan in Knoxville, Tennessee by studying this loan to a local company, made back in 2001. Banks like First Tennessee Bank may also be willing to lend to you, given that they granted this small business loan.
SBA Loan Borrower
COMPANY TYPE: WOODWORKING MACHINERY
KNOXVILLE, TN 37932
SBA Loan Lender
FIRST TENNESSEE BANK
775 RAIDER DR
CLEVELAND, TN 37312
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.
SIC Code
3553 - Woodworking Machinery
NAICS Code
333210 - Sawmill and Woodworking Machinery Manufacturing
Loan Approval Date
3/20/2001
Loan Approval Gross Amount
$75,000
Loan Approval from the SBA
Of the total $75,000 loan amount, the SBA guaranteed $63,750.
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 3 employees. The SBA loan documents did not indicate that the company planned to use the money to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.
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 $75,000 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.
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