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April 28, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Memphis, Business Loans > Insouth Bank Memphis Business Loans > Manufacturing Industries Loan | ||||
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Cordova, Tennessee Bank for SBA Loans
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How to Get a Loan for Store RetailersLooking for SBA loans for store retailers? The SBA may be the answer. This $108,000 store retailers loan was issued by a Tennessee bank. This small business knew how to go about getting a business bank loan. Based in Cordova, Tennessee, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Insouth Bank, based in Memphis, Tennessee. SBA Loan Borrower COMPANY TYPE: MANUFACTURING INDUSTRIES SBA Loan Lender INSOUTH BANK This small business loan was sent in by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a comprehensive analysis of the loan application and, in return, SBA provides a quick answer on whether the loan qualifies. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 3999 - Manufacturing Industries NAICS Code 453998 - Store Retailers Loan Approval Date 12/13/2002 Loan Approval Gross Amount $108,000 Loan Approval from the SBA Of the total $108,000 loan amount, the SBA guaranteed $81,000. 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 4 employees. This SBA loan request did not indicate that the company promised to use the funding to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business If you need money to start a small business or need money to grow a business, an SBA loan can be a great way to raise money 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 Insouth 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 From a Venture Capitalist Best Banks for Small Business in Memphis, Tennessee
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