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May 15, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Chattanooga, Business Loans > Cornerstone Community Bank Chattanooga Business Loans > Bread, Cake, And Related Bakery Products Loan | ||||
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Chattanooga, Tennessee Bank for SBA Loans
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Cornerstone Community Bank Gives SBA Loan to Bread, Cake, And Related Bakery Products CompanyBank loans in Tennessee are hard to find these days. We take a look at one Tennessee bank loan, provided by a Tennessee bank, that was approved by the SBA. By giving the right information to Cornerstone Community Bank, this Chattanooga, Tennessee business was able to get an SBA loan. To get this loan, the entrepreneur gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: BREAD, CAKE, AND RELATED BAKERY PRODUCTS SBA Loan Lender CORNERSTONE COMMUNITY BANK This lender issued this SBA loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 2051 - Bread, Cake, and Related Bakery Products NAICS Code 311812 - Commercial Bakeries Loan Approval Date 5/5/2006 Loan Approval Gross Amount $350,000 Loan Approval from the SBA Of the total $350,000 loan amount, the SBA guaranteed $262,500. 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 12 employees. The SBA loan application for the borrower did not indicate that the business planned to use the money to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loans provide smart, affordable business financing for small businesses looking to expand. We've showcased information on this loan to let you know that businesses like yours 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. Related Links: SBA Participating Banks in Chattanooga, Tennessee Getting an SBA Loan in Tennessee
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