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December 22, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Knoxville, Business Loans > Commercial Bank Knoxville Business Loans > Eating Places Loan | ||||
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Best Banks for Lenoir City Small Business Owners
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Where to Get Capital for Full-Service RestaurantsLooking for small business loans for full-service restaurants? Talk to a banker who works with the SBA. This $385,000 full-service restaurants loan was issued by a Tennessee bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Lenoir City, Tennessee was able to borrow $385,000 from Commercial Bank. The SBA made the loan possible by guaranteeing $288,750 of this Tennessee small business loan. SBA Loan Borrower COMPANY TYPE: EATING PLACES SBA Loan Lender COMMERCIAL BANK SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA business loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5812 - Eating Places NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 2/18/2005 Loan Approval Gross Amount $385,000 Loan Approval from the SBA Of the total $385,000 loan amount, the SBA guaranteed $288,750. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 50 employees. The loan application did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees. Next Steps for Getting an SBA Loan SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. 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: The Friends and Family Network SBA Banks in Knoxville, Tennessee
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