Growing Company Gets a Tennessee SBA Loan

Bank loans in Tennessee are hard to find these days. We take a look at one Tennessee bank loan, provided by a Tennessee bank, that was approved by the SBA.

This small business, based in Mt. Pleasant, Tennessee, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from First Farmers & Merchants Bk. We've got the inside scoop on this Tennessee small business loan.

SBA Loan Borrower

COMPANY TYPE: BOAT BUILDING AND REPAIRING
MT. PLEASANT, TN 38474

SBA Loan Lender

FIRST FARMERS & MERCHANTS BK
816 S GARDEN ST
COLUMBIA, TN 38401

This lender issued this particular loan for a small business under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3732 - Boat Building and Repairing

Loan Approval Date

8/15/2000

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $80,000.

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 4 employees. The SBA loan application for the borrower did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

Every year, the SBA guarantees over $10 billion for loans just like this one.

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 First Farmers & Merchants Bk 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.

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