Home Federal Bank Of Tennessee SBA Loan to Excavation Work Company

An SBA loan from Home Federal Bank Of Tennessee typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Seymour, Tennessee business owner got a $85,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Seymour, Tennessee was able to borrow $85,000 from Home Federal Bank Of Tennessee. The SBA made the loan possible by guaranteeing $72,250 of this Tennessee small business loan.

SBA Loan Borrower

COMPANY TYPE: EXCAVATION WORK
SEYMOUR, TN 37865

SBA Loan Lender

HOME FEDERAL BANK OF TENNESSEE
11320 CHAPMAN HWY
SEYMOUR, TN 37865

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1794 - Excavation Work

NAICS Code

235930 - Excavation Contractors

Loan Approval Date

5/9/2003

Loan Approval Gross Amount

$85,000

Loan Approval from the SBA

Of the total $85,000 loan amount, the SBA guaranteed $72,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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. Home Federal Bank Of Tennessee had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Home Federal Bank Of 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.

Related Links:

Small Business Credit Cards

SBA Banks in Seymour, Tennessee

SBA Participating Banks in Tennessee