Vending Machine Operators SBA Loans

With these SBA loans for vending machine operators, the SBA guarantees the lender that the loan will be repaid. This vending machine operators loan for $150,000 was given to a Tennessee entrepreneur in 2002.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Knoxville, Tennessee was able to borrow $150,000 from First Tennessee Bank. The SBA made the loan possible by guaranteeing $127,500 of this Tennessee small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTOMATIC MERCHANDISING MACHINE OPERATORS
KNOXVILLE, TN 37917

SBA Loan Lender

FIRST TENNESSEE BANK
202 FRANKLIN RD
BRENTWOOD, TN 37027

This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5962 - Automatic Merchandising Machine Operators

NAICS Code

454210 - Vending Machine Operators

Loan Approval Date

3/7/2002

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 17 employees. This SBA loan request did not indicate that the company planned to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a business in Knoxville TN, you ought to talk with a local Knoxville SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Knoxville businesses.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $150,000 loan. Remember, feel the fear, and do it anyway.

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:

Choosing VC Firms

SBA 7A Lenders in Brentwood, Tennessee

SBA Participating Banks in Tennessee