Tennessee Bank Loan Issued to Pumps And Pumping Equipment Company

Searching for a Tennessee business loan? This Tennessee entrepreneur got a business loan, provided by a Tennessee bank that works with the SBA to help small business owners.

Getting a small business loan in Memphis, Tennessee was a top priority for this SBA-financed company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from First Tennessee Bank. Here are the details on this Tennessee small business loan.

SBA Loan Borrower

COMPANY TYPE: PUMPS AND PUMPING EQUIPMENT
MEMPHIS, TN 38116

SBA Loan Lender

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

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

3561 - Pumps and Pumping Equipment

NAICS Code

333911 - Pump and Pumping Equipment Manufacturing

Loan Approval Date

12/5/2003

Loan Approval Gross Amount

$132,000

Loan Approval from the SBA

Of the total $132,000 loan amount, the SBA guaranteed $112,200.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 5 employees. The loan application did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like First Tennessee Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Determining Proper Capital Structure for a Business

SBA 7A Lenders in Memphis, Tennessee

Getting a Business Loan in Tennessee