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November 15, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Memphis, Business Loans > Insouth Bank Memphis Business Loans > Detective, Guard, And Armored Car Services Loan | ||||
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Tennessee Bank SBA Loans
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Insouth Bank SBA Loan to Detective, Guard, And Armored Car Services CompanySearching for a Tennessee business loan? Here's one Tennessee business loan that was approved by the SBA. This small business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Insouth Bank, out of Memphis, Tennessee. The loan was granted and they received $790,000 to help grow their Memphis, Tennessee business. SBA Loan Borrower COMPANY TYPE: DETECTIVE, GUARD, AND ARMORED CAR SERVICES SBA Loan Lender INSOUTH BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7381 - Detective, Guard, and Armored Car Services Loan Approval Date 7/24/2000 Loan Approval Gross Amount $790,000 Loan Approval from the SBA Of the total $790,000 loan amount, the SBA guaranteed $592,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 23 employees. This SBA loan request indicated that the loan would help retain 23 existing jobs. Start the Process for Getting an SBA Loan Today! SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. 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: Good Banks for Small Business in Memphis, Tennessee
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