Trustmark National Bank SBA Loan to Coin-Operated Laundries And Drycleaners Company

Trustmark National Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Tennessee entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Selmer, Tennessee was an essential business goal for this firm back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Trustmark National Bank, operating out of Jackson, Mississippi. Here are the details on this Tennessee small business loan.

SBA Loan Borrower

COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANERS
SELMER, TN 38375

SBA Loan Lender

TRUSTMARK NATIONAL BANK
248 E CAPITOL ST
JACKSON, MS 39201

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

812310 - Coin-Operated Laundries and Drycleaners

Loan Approval Date

5/14/2007

Loan Approval Gross Amount

$144,100

Loan Approval from the SBA

Of the total $144,100 loan amount, the SBA guaranteed $72,050.

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 only one employee. The SBA loan application for the borrower indicated that the loan would help retain 1 existing job.

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

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Trustmark National Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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