SBA Loan from First Volunteer Bank - Tennessee Helps Industrial Supplies Company

First Volunteer Bank - Tennessee has a track record as a leading provider of SBA loans. Find out how this Tennessee entrepreneur received an SBA loan from them.

This business knew how to go about getting a business bank loan. Based in Powell, Tennessee, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was First Volunteer Bank - Tennessee, based in Chattanooga, Tennessee.

SBA Loan Borrower

COMPANY TYPE: INDUSTRIAL SUPPLIES
POWELL, TN 37849

SBA Loan Lender

FIRST VOLUNTEER BANK - TENNESSEE
728 BROAD ST
CHATTANOOGA, TN 37402

When this loan was made, the lender was part of the SBA's Certified Lenders Program (CLP). This program is designed to give quick service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5085 - Industrial Supplies

NAICS Code

421840 - Industrial Supplies Wholesalers

Loan Approval Date

2/9/2005

Loan Approval Gross Amount

$350,000

Loan Approval from the SBA

Of the total $350,000 loan amount, the SBA guaranteed $262,500.

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 6 employees. The loan application did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide money to small business owners for working capital for other expenses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First Volunteer Bank - Tennessee had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Volunteer Bank - Tennessee 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.

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