Community So. Bank D.B.A Commun Gives SBA Loan to Used Car Dealers Company
SBA loans in Georgia are are few and far betweeen these days. We take a look at one Georgia SBA loan, provided by a Tennessee bank, that was approved by the SBA.
You can learn something about getting a small business loan in Marietta, Georgia by studying this loan to a local business, made back in 2007. Banks like Community So. Bank D.B.A Commun may also be willing to lend to you, given that they granted this small business loan.
SBA Loan Borrower
COMPANY TYPE: USED CAR DEALERS
Marietta, GA 30062
SBA Loan Lender
COMMUNITY SO. BANK D.B.A COMMUN
51 W MAIN ST
PARSONS, TN 38363
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
441120 - Used Car Dealers
Loan Approval Date
5/9/2007
Loan Approval Gross Amount
$616,000
Loan Approval from the SBA
Of the total $616,000 loan amount, the SBA guaranteed $462,000.
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 only one employee. The SBA loan application for the borrower indicated that the loan would help retain 1 existing job.
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 Community So. Bank D.B.A Commun 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.
Related Links:
Small Business Loan
SBA Approved Banks in Parsons, Tennessee
Getting an SBA Loan in Tennessee