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December 20, 2024 |
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| Home > Small Business Lenders by State > Georgia Business Loan Sources > Chattanooga, Business Loans > Cornerstone Community Bank Chattanooga Business Loans > Hotels And Motels Loan | ||||
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GA Small Business Loans from Cornerstone Community Bank
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Business Loan from Cornerstone Community Bank Given to Hotels And Motels CompanyCornerstone Community Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Georgia entrepreneur who tapped into the power of SBA loans. This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Cornerstone Community Bank, out of Chattanooga, Tennessee. The loan was granted and they received $722,500 to help grow their Waynesboro, Georgia business. SBA Loan Borrower COMPANY TYPE: HOTELS AND MOTELS SBA Loan Lender CORNERSTONE COMMUNITY BANK This lender issued this business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 721110 - Hotels and Motels Loan Approval Date 6/12/2003 Loan Approval Gross Amount $722,500 Loan Approval from the SBA Of the total $722,500 loan amount, the SBA guaranteed $541,875. 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 6 employees. The SBA loan application for the borrower did not indicate that the company planned to use the money to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loans provide money to small business owners for working capital for other expenses. 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 Cornerstone Community 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. Related Links: Obtaining Funding - How to Decide How Much to Raise SBA Participating Banks in Chattanooga, Tennessee
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