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April 18, 2024 |
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| Home > Small Business Lenders by State > Alabama Business Loan Sources > Memphis, Business Loans > Insouth Bank Memphis Business Loans > Industrial Supplies Loan | ||||
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Where to Get Capital for Industrial Supplies WholesalersLooking for small business loans for industrial supplies wholesalers? Talk to a banker who works with the SBA. This $990,000 industrial supplies wholesalers loan was issued by a Tennessee bank. This small firm received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Insouth Bank, out of Memphis, Tennessee. The loan was granted and they received $990,000 to help grow their Dothan, Alabama business. SBA Loan Borrower COMPANY TYPE: INDUSTRIAL SUPPLIES SBA Loan Lender INSOUTH BANK This business loan was issued by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a complete analysis of the loan application and, in return, SBA delivers a rapid loan approval or denial response. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5085 - Industrial Supplies NAICS Code 421840 - Industrial Supplies Wholesalers Loan Approval Date 10/26/2000 Loan Approval Gross Amount $990,000 Loan Approval from the SBA Of the total $990,000 loan amount, the SBA guaranteed $742,500. More Information on This SBA Loan The borrower borrowed this money for an existing 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 15 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business Don't forget. To get an SBA loan, you must 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. If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Insouth Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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 Memphis, Tennessee
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