Nashville, Tennessee Entrepreneur Gets a Small Business Loan
TennesseeSmall business loans are available to Tennessee small business owners through the SBA. In this case, a Tennessee bank provides the loan.
This small business, based in Nashville, 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 Insouth Bank. We've got the inside scoop on this Tennessee small business loan.
SBA Loan Borrower
COMPANY TYPE: GASKETS, PACKING, AND SEALING DEVICES
NASHVILLE, TN 37210
SBA Loan Lender
INSOUTH BANK
6141 WALNUT GROVE RD
MEMPHIS, TN 38120
This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
3053 - Gaskets, Packing, and Sealing Devices
NAICS Code
339991 - Gasket, Packing, and Sealing Device Manufacturing
Loan Approval Date
12/6/2002
Loan Approval Gross Amount
$80,000
Loan Approval from the SBA
Of the total $80,000 loan amount, the SBA guaranteed $68,000.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company
had 3 employees. The loan application did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
Every year, the SBA guarantees over $10 billion for loans just like this one.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Insouth 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.
Related Links:
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SBA Approved Banks in Memphis, Tennessee
Tennessee SBA 7A Lenders