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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 > Physicians Loan | ||||
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Cornerstone Community Bank
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Chattanooga, Tennessee Business Gets SBA-Guaranteed Funding from Cornerstone Community BankAn SBA loan from Cornerstone Community Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Chattanooga, Tennessee business owner got a $75,000 loan. This growing company knew how to go about getting a business bank loan. Based in Chattanooga, Tennessee, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was Cornerstone Community Bank, based in Chattanooga, Tennessee. SBA Loan Borrower COMPANY TYPE: PHYSICIANS SBA Loan Lender CORNERSTONE COMMUNITY BANK This lender processed this bank loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 621111 - Physicians Loan Approval Date 9/29/2005 Loan Approval Gross Amount $75,000 Loan Approval from the SBA Of the total $75,000 loan amount, the SBA guaranteed $37,500. 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 application for the borrower indicated that the loan would help create 3 new jobs. Next Steps for Getting an SBA Loan If you are interested in getting money to start a business or already have a business and need money to expand, an SBA loan can be a great source of funding. 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: SBA 7A Banks for Chattanooga, Tennessee Loans
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