Newport, Tennessee Bank Gives SBA Loan to Membership Sports And Recreation Clubs Company

Get to know Newport, Tennessee banks that specialize in SBA loans and know how to work with entrepreneurs. National Bank Of Tennessee is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Newport, Tennessee starts with an understanding of who else has gotten loans in the area. In this case, a local small business received funding from National Bank Of Tennessee. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: MEMBERSHIP SPORTS AND RECREATION CLUBS
NEWPORT, TN 37821

SBA Loan Lender

NATIONAL BANK OF TENNESSEE
262 E BROADWAY
NEWPORT, TN 37821

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7997 - Membership Sports and Recreation Clubs

NAICS Code

713940 - Fitness and Recreational Sports Centers

Loan Approval Date

2/4/2000

Loan Approval Gross Amount

$40,000

Loan Approval from the SBA

Of the total $40,000 loan amount, the SBA guaranteed $32,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new 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.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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