Olive Branch, Mississippi Entrepreneur Gets a Bank Loan

MississippiBank loans are available to Mississippi firms through the SBA. In this case, a Tennessee bank provides the loan.

This small business, based in Olive Branch, Mississippi, 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 First Tennessee Bank. We've got the inside scoop on this Mississippi small business loan.

SBA Loan Borrower

COMPANY TYPE: CURRENT-CARRYING WIRING DEVICE MANUFACTURING
OLIVE BRANCH, MS 38654

SBA Loan Lender

FIRST TENNESSEE BANK
4385 POPLAR AVE
MEMPHIS, TN 38117

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

335931 - Current-Carrying Wiring Device Manufacturing

Loan Approval Date

7/30/2004

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $375,000.

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 6 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Microlending as a Small Business Funding Source

SBA Banks in Memphis, Tennessee

Tennessee SBA Bank Lenders