Entrepreneur Works With Parsons, Tennessee Bank to Get an SBA Loan

Want to talk with a Parsons, Tennessee bank about a small business loan? Here's one Florida business loan, issued by a Parsons bank, that was approved by the SBA.

Applying for an SBA loan with Community So. Bank D.B.A Commun worked out well for our friends at one local business in Orlando, Florida. The business was able to get an SBA loan for $309,000. Way to go!

SBA Loan Borrower

COMPANY TYPE: USED CAR DEALERS
ORLANDO, FL 32824

SBA Loan Lender

COMMUNITY SO. BANK D.B.A COMMUN
51 W MAIN ST
PARSONS, TN 38363

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441120 - Used Car Dealers

Loan Approval Date

2/24/2006

Loan Approval Gross Amount

$309,000

Loan Approval from the SBA

Of the total $309,000 loan amount, the SBA guaranteed $231,750.

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 2 employees. The SBA loan documents indicated that the loan would help retain 2 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

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

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Community So. Bank D.B.A Commun had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Community So. Bank D.B.A Commun made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Accountant's Role in Securing Financing

Banks in Parsons, Tennessee

Find an SBA Lender in Tennessee