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

First Volunteer Bank - Tennessee 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.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Chattanooga, Tennessee was able to borrow $750,000 from First Volunteer Bank - Tennessee. The SBA made the loan possible by guaranteeing $562,500 of this Tennessee small business loan.

SBA Loan Borrower

COMPANY TYPE: STRUCTURAL STEEL ERECTION
CHATTANOOGA, TN 37406

SBA Loan Lender

FIRST VOLUNTEER BANK - TENNESSEE
728 BROAD ST
CHATTANOOGA, TN 37402

This loan for a small business was provided by a banker with SBA Certified Lenders Program (CLP) status. CLP lenders who submit loans to the SBA get more expeditious service from the SBA on their loan applications.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1791 - Structural Steel Erection

NAICS Code

235910 - Structural Steel Erection Contractors

Loan Approval Date

11/28/2001

Loan Approval Gross Amount

$750,000

Loan Approval from the SBA

Of the total $750,000 loan amount, the SBA guaranteed $562,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 34 employees. The loan application did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

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

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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