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May 5, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Nashville, Business Loans > Renasant Bank Nashville Business Loans > Communications Services Loan | ||||
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Nashville, Tennessee Bank Loan
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Borrowing Money for Cellular and WirelessWith these small business loans for cellular and wireless, the SBA guarantees the lender that the loan will be repaid. This cellular and wireless loan for $20,000 was given to a Tennessee entrepreneur in 2000. This company received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Renasant Bank, out of Nashville, Tennessee. The loan was granted and they received $20,000 to help grow their Nashville, Tennessee business. SBA Loan Borrower COMPANY TYPE: COMMUNICATIONS SERVICES SBA Loan Lender RENASANT BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 4899 - Communications Services NAICS Code 513322 - Cellular and Wireless Loan Approval Date 10/4/2000 Loan Approval Gross Amount $20,000 Loan Approval from the SBA Of the total $20,000 loan amount, the SBA guaranteed $16,000. 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 only one employee. The SBA loan documents did not indicate that the small business planned 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? Many small businesses receive loans backed by the U.S. Small Business Administration. 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. Related Links: Advice on Getting a Small Business Loan Good Banks for Small Business in Nashville, Tennessee
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