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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 > Motor Vehicle Supplies And New Parts Loan | ||||
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Tennessee Bank SBA Loans
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Insouth Bank SBA Loan to Motor Vehicle Supplies And New Parts CompanyLooking to get a Tennessee SBA loan? Here's one Tennessee business loan that was approved by the SBA. This growing firm needed an SBA business loan in Memphis, Tennessee back in 2000 and, after submitting their loan application, they were successful in getting an SBA loan from Insouth Bank, operating out of Memphis, Tennessee. Here are the details on this Tennessee small business loan. SBA Loan Borrower COMPANY TYPE: MOTOR VEHICLE SUPPLIES AND NEW PARTS 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 5013 - Motor Vehicle Supplies and New Parts Loan Approval Date 6/22/2000 Loan Approval Gross Amount $319,500 Loan Approval from the SBA Of the total $319,500 loan amount, the SBA guaranteed $239,625. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan documents indicated that the loan would help generate 3 new jobs and retain 3 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loans provide smart, affordable business financing for small businesses looking to expand. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Insouth Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: SBA 7A Lenders in Memphis, Tennessee Getting a Business Loan in Tennessee
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