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November 14, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Richmond, Business Loans > Suntrust Bank Richmond Business Loans > Plumbing, Heating, And Air-Conditioning Contractors Loan | ||||
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SBA Lenders in Tennessee
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Commercial Loans for Plumbing, Heating, and Air-Conditioning ContractorsLooking for commercial loans for plumbing, heating, and air-conditioning contractors? The SBA may be the answer. This $10,000 plumbing, heating, and air-conditioning contractors loan was issued by a Virginia bank. This business knew how to go about getting a business bank loan. Based in Maryville, Tennessee, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Suntrust Bank, based in Richmond, Virginia. SBA Loan Borrower COMPANY TYPE: PLUMBING, HEATING, AND AIR-CONDITIONING CONTRACTORS SBA Loan Lender SUNTRUST BANK This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 238220 - Plumbing, Heating, and Air-Conditioning Contractors Loan Approval Date 3/4/2005 Loan Approval Gross Amount $10,000 Loan Approval from the SBA Of the total $10,000 loan amount, the SBA guaranteed $5,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the loan would help generate 1 new job and retain 1 existing job. Next Steps for Getting an SBA Loan SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. 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 Suntrust Bank 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: The Friends and Family Network Best Banks for Small Business in Richmond, Virginia
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