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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 > Orthopedic, Prosthetic And Other Surgical Supplies Loan | ||||
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Advice for Business Owners On Getting a Loan
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How to Get a Loan for Surgical Appliance and Supplies ManufacturingWith these business loans for surgical appliance and supplies manufacturing, the SBA guarantees the lender that the loan will be repaid. This surgical appliance and supplies manufacturing loan for $300,000 was given to a Tennessee entrepreneur in 2002. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Memphis, Tennessee was able to borrow $300,000 from Insouth Bank. The SBA made the loan possible by guaranteeing $225,000 of this Tennessee small business loan. SBA Loan Borrower COMPANY TYPE: ORTHOPEDIC, PROSTHETIC AND OTHER SURGICAL SUPPLIES SBA Loan Lender INSOUTH BANK When it made this small business loan, the lender was part of the SBA's Certified Lenders Program (CLP). This program is designed to give fast service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 3842 - Orthopedic, Prosthetic and Other Surgical Supplies NAICS Code 339113 - Surgical Appliance and Supplies Manufacturing Loan Approval Date 7/17/2002 Loan Approval Gross Amount $300,000 Loan Approval from the SBA Of the total $300,000 loan amount, the SBA guaranteed $225,000. 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 11 employees. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank. 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: Dealing With Venture Capitalists Best Banks in Memphis, Tennessee
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