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November 14, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Knoxville, Business Loans > Branch Bank & Trust Knoxville Business Loans > Laundry And Garment Services Loan | ||||
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Knoxville SBA Lenders
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Entrepreneur Works With Knoxville, Tennessee Bank to Get an SBA LoanA Knoxville, Tennessee SBA loan can be yours. Learn how a business got a $117,863 business loan from this Tennessee bank. This loan to a local firm is a good example of an SBA loan. Branch Bank & Trust made the loan and the SBA guaranteed a portion of the loan. Many other Tennessee entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: LAUNDRY AND GARMENT SERVICES SBA Loan Lender BRANCH BANK & TRUST This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7219 - Laundry and Garment Services Loan Approval Date 5/18/2000 Loan Approval Gross Amount $117,863 Loan Approval from the SBA Of the total $117,863 loan amount, the SBA guaranteed $88,397. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 11 employees. This SBA loan request did not indicate that the business promised to use the money to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! Many small businesses receive loans backed by the U.S. Small Business Administration. 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 Branch Bank & Trust 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. Related Links: Obtaining Funding - Getting Venture Capital Best Banks in Knoxville, Tennessee
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