How to Get a Loan for Durable Goods Wholesalers

With these SBA loans for durable goods wholesalers, the SBA guarantees the lender that the loan will be repaid. This durable goods wholesalers loan for $150,000 was given to a Tennessee entrepreneur in 2001.

This small business knew how to go about getting a business bank loan. Based in Murfreesboro, Tennessee, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Pinnacle National Bank, based in Murfreesboro, Tennessee.

SBA Loan Borrower

COMPANY TYPE: DURABLE GOODS
MURFREESBORO, TN 37130

SBA Loan Lender

PINNACLE NATIONAL BANK
114 W COLLEGE ST
MURFREESBORO, TN 37130

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5099 - Durable Goods

NAICS Code

421990 - Durable Goods Wholesalers

Loan Approval Date

6/5/2001

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 2 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Pinnacle National Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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How to Get a Loan for Durable Goods Wholesalers