Memphis, Tennessee Business Gets SBA-Guaranteed Funding from First Tennessee Bank

An SBA loan from First Tennessee Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Memphis, Tennessee business owner got a $602,500 loan.

This growing company received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with First Tennessee Bank, out of Memphis, Tennessee. The loan was granted and they received $602,500 to help grow their Memphis, Tennessee business.

SBA Loan Borrower

COMPANY TYPE: GROCERIES AND RELATED PRODUCTS
MEMPHIS, TN 38126

SBA Loan Lender

FIRST TENNESSEE BANK
165 MADISON, 1ST FL
MEMPHIS, TN 38103

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5149 - Groceries and Related Products

NAICS Code

424490 - Grocery and Related Products Merchant Wholesalers

Loan Approval Date

11/21/2005

Loan Approval Gross Amount

$602,500

Loan Approval from the SBA

Of the total $602,500 loan amount, the SBA guaranteed $451,875.

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 9 employees. The loan application did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans provide smart, affordable business financing for small businesses looking to expand.

We can help you find the best banks for small businesses in Memphis or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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

Small Business Banks in Memphis, Tennessee

Getting an SBA Loan in Tennessee