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April 28, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Memphis, Business Loans > Trust One Bank Memphis Business Loans > Noncommercial Research Organizations Loan | ||||
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Advice for Small Businesses On Getting a Loan
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Borrowing Money for Credit BureausWith these bank loans for credit bureaus, the SBA guarantees the lender that the loan will be repaid. This credit bureaus loan for $750,000 was given to a Tennessee entrepreneur in 2005. This small firm knew how to go about getting a business bank loan. Based in Cordova, Tennessee, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Trust One Bank, based in Memphis, Tennessee. SBA Loan Borrower COMPANY TYPE: NONCOMMERCIAL RESEARCH ORGANIZATIONS SBA Loan Lender TRUST ONE BANK The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide SBA bank loans to to our country's hard-working small business owners. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 8733 - Noncommercial Research Organizations NAICS Code 561450 - Credit Bureaus Loan Approval Date 6/1/2005 Loan Approval Gross Amount $750,000 Loan Approval from the SBA Of the total $750,000 loan amount, the SBA guaranteed $562,500. 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 32 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Trust One Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Trust One Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: The Friends and Family Network SBA 7A Lenders in Memphis, Tennessee
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