First Tennessee Bank Gives SBA Loan to Eating Places Company

Small business loans in Mississippi are hard to find these days. We take a look at one Mississippi small business loan, provided by a Tennessee bank, that was approved by the SBA.

This 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: EATING PLACES
OLIVE BRANCH, MS 38654

SBA Loan Lender

FIRST TENNESSEE BANK
165 MADISON AVE
MEMPHIS, TN 38103

This lender issued this particular SBA small business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

9/3/2002

Loan Approval Gross Amount

$143,000

Loan Approval from the SBA

Of the total $143,000 loan amount, the SBA guaranteed $121,550.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 9 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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