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December 22, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Memphis, Business Loans > First Tennessee Bank Memphis Business Loans > Piece Goods, Notions, And Dry Goods Merchant Wholesalers Loan | ||||
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Getting Commercial Loans in Memphis, Tennessee
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First Tennessee Bank Gives SBA Loan to Piece Goods, Notions, And Dry Goods Merchant Wholesalers CompanyBusiness loans in Tennessee are hard to find these days. We take a look at one Tennessee business loan, provided by a Tennessee bank, that was approved by the SBA. You can learn something about getting a small business loan in Memphis, Tennessee by studying this loan to a local business, made back in 2007. Banks like First Tennessee Bank may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: PIECE GOODS, NOTIONS, AND DRY GOODS MERCHANT WHOLESALERS SBA Loan Lender FIRST TENNESSEE BANK As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 424310 - Piece Goods, Notions, and Dry Goods Merchant Wholesalers Loan Approval Date 3/23/2007 Loan Approval Gross Amount $260,000 Loan Approval from the SBA Of the total $260,000 loan amount, the SBA guaranteed $195,000. 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 12 employees. The loan application indicated that the loan would help generate 1 new job and retain 12 existing jobs. Great, But How Can I Get an SBA Loan for My Business? 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: Find an SBA Lender in Memphis, Tennessee
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