Raising Money for Petroleum Lubricating Oil and Grease Manufacturing

Looking for business loans for petroleum lubricating oil and grease manufacturing? The SBA may be the answer. This $150,000 petroleum lubricating oil and grease manufacturing loan was issued by a Tennessee bank.

This small business knew how to go about getting a business bank loan. Based in Memphis, Tennessee, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was First Tennessee Bank, based in Bartlett, Tennessee.

SBA Loan Borrower

COMPANY TYPE: LUBRICATING OILS AND GREASES
MEMPHIS, TN 38116

SBA Loan Lender

FIRST TENNESSEE BANK
6891 SUMMER AVE
BARTLETT, TN 38133

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2992 - Lubricating Oils and Greases

NAICS Code

324191 - Petroleum Lubricating Oil and Grease Manufacturing

Loan Approval Date

3/5/2002

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the company planned to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First Tennessee Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Tennessee Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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