SBA Loan from Harris National Association Helps Motors And Generators Company

Harris National Association has a track record as a leading provider of SBA loans. Find out how this Tennessee entrepreneur received an SBA loan from them.

This small firm knew how to go about getting a business bank loan. Based in Murfreesboro, Tennessee, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Harris National Association, based in Chicago, Illinois.

SBA Loan Borrower

COMPANY TYPE: MOTORS AND GENERATORS
MURFREESBORO, TN 37129

SBA Loan Lender

HARRIS NATIONAL ASSOCIATION
111 W MONROE ST
CHICAGO, IL 60603

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

3621 - Motors and Generators

NAICS Code

335312 - Motor and Generator Manufacturing

Loan Approval Date

1/14/2000

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $112,500.

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 10 employees. This SBA loan request did not indicate that the company planned to use the money to add employees or retain any existing employees.

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.

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 Harris National Association 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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