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April 27, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Memphis, Business Loans > Insouth Bank Memphis Business Loans > Radio And Television Repair Shops Loan | ||||
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How to Get SBA Money in Memphis, Tennessee
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Memphis, Tennessee Entrepreneur Gets an SBA LoanTennesseeSBA loans are available to Tennessee entrepreneurs through the SBA. In this case, a Tennessee bank provides the loan. Getting a small business loan in Memphis, Tennessee was a top priority for this particular business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Insouth Bank. Here are the details on this Tennessee small business loan. SBA Loan Borrower COMPANY TYPE: RADIO AND TELEVISION REPAIR SHOPS SBA Loan Lender INSOUTH BANK This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7622 - Radio and Television Repair Shops NAICS Code 443112 - Radio, Television, and Electronics Stores Loan Approval Date 7/28/2003 Loan Approval Gross Amount $83,000 Loan Approval from the SBA Of the total $83,000 loan amount, the SBA guaranteed $70,550. More Information on This SBA Loan The borrower borrowed this money for a new 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 3 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Insouth Bank and they will explain how you can get an SBA loan for your company. 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: Who Lends Money to Small Businesses in Memphis, Tennessee
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