Business Loan from First Chatham Bank Given to Floor Covering Stores Company

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

This growing company knew how to go about getting a business bank loan. Based in Russellville, Kentucky, they applied for and received an SBA-guaranteed loan in 2007. The lending bank was First Chatham Bank, based in Savannah, Georgia.

SBA Loan Borrower

COMPANY TYPE: FLOOR COVERING STORES
RUSSELLVILLE, KY 42276

SBA Loan Lender

FIRST CHATHAM BANK
111 BARNARD ST
SAVANNAH, GA 31401

This loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

442210 - Floor Covering Stores

Loan Approval Date

8/30/2007

Loan Approval Gross Amount

$355,000

Loan Approval from the SBA

Of the total $355,000 loan amount, the SBA guaranteed $266,250.

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 4 employees. This SBA loan request indicated that the loan would help generate 4 new jobs.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to 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.

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from First Chatham Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Business Cash Advances

SBA Approved Banks in Savannah, Georgia

SBA Lenders in Georgia