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April 29, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Borrego Springs, Business Loans > Borrego Springs Bank Borrego Springs Business Loans > Iron And Steel Pipe And Tube Manufacturing From Purchased Steel Loan | ||||
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Memphis, Tennessee Bank Loan
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Local Business Gets a Tennessee Small Business LoanTennesseeBusiness loans are available to Tennessee business owners through the SBA. In this case, a California bank provides the loan. You can learn something about getting a small business loan in Memphis, Tennessee by studying this loan to a local business, made back in 2001. Banks like Borrego Springs Bank may also be willing to lend to you, given that they granted this small business loan. SBA Loan Borrower COMPANY TYPE: IRON AND STEEL PIPE AND TUBE MANUFACTURING FROM PURCHASED STEEL SBA Loan Lender BORREGO SPRINGS BANK Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 331210 - Iron and Steel Pipe and Tube Manufacturing from Purchased Steel Loan Approval Date 5/10/2001 Loan Approval Gross Amount $660,000 Loan Approval from the SBA Of the total $660,000 loan amount, the SBA guaranteed $495,000. 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 250 employees. The SBA loan application for the borrower indicated that the loan would help generate 50 new jobs and retain 300 existing jobs. Start the Process for Getting an SBA Loan Today! SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. 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: Obtaining Funding - Getting Venture Capital Best Banks in Borrego Springs, California Getting an SBA Loan in California
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