Small Business Loans for Tobacco Stores
With these small business loans for tobacco stores, the SBA guarantees the lender that the loan will be repaid. This tobacco stores loan for $165,000 was given to a Tennessee entrepreneur in 2005.
Getting a small business loan in Maryville, Tennessee was important for this growing firm back in 2005 and, based on their loan application, they were successful in getting an SBA loan from First National Bank, operating out of Knoxville, Tennessee. Here are the details on this Tennessee small business loan.
SBA Loan Borrower
COMPANY TYPE: TOBACCO STORES AND STANDS
MARYVILLE, TN 37804
SBA Loan Lender
FIRST NATIONAL BANK
10514 KINGSTON PIKE
KNOXVILLE, TN 37922
This lender issued this SBA bank loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5993 - Tobacco Stores and Stands
NAICS Code
453991 - Tobacco Stores
Loan Approval Date
3/22/2005
Loan Approval Gross Amount
$165,000
Loan Approval from the SBA
Of the total $165,000 loan amount, the SBA guaranteed $123,750.
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 3 employees. The SBA loan documents did not indicate that the company promised to use the funding to hire new 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.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First National Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).
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 7A Banks in Knoxville, Tennessee
SBA Tennessee Lenders