South Pittsburg, Tennessee Business Gets SBA-Guaranteed Funding from First Volunteer Bank - Tennessee

An SBA loan from First Volunteer Bank - Tennessee typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a South Pittsburg, Tennessee business owner got a $73,500 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in South Pittsburg, Tennessee was able to borrow $73,500 from First Volunteer Bank - Tennessee. The SBA made the loan possible by guaranteeing $55,125 of this Tennessee small business loan.

SBA Loan Borrower

COMPANY TYPE: POWER LAUNDRIES, FAMILY AND COMMERCIAL
SOUTH PITTSBURG, TN 37380

SBA Loan Lender

FIRST VOLUNTEER BANK - TENNESSEE
105 BETSY PACK DR
JASPER, TN 37347

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide SBA loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7211 - Power Laundries, Family and Commercial

NAICS Code

812320 - Drycleaning and Laundry Services

Loan Approval Date

3/5/2001

Loan Approval Gross Amount

$73,500

Loan Approval from the SBA

Of the total $73,500 loan amount, the SBA guaranteed $55,125.

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. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

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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