Business Loan from First Chatham Bank Given to Hardware Merchant Wholesalers Company

First Chatham Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a Kentucky entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Mount Vernon, Kentucky was an essential business goal for this company back in 2006 and, based on their loan application, they were successful in getting an SBA loan from First Chatham Bank, operating out of Savannah, Georgia. Here are the details on this Kentucky small business loan.

SBA Loan Borrower

COMPANY TYPE: HARDWARE MERCHANT WHOLESALERS
MOUNT VERNON, KY 40456

SBA Loan Lender

FIRST CHATHAM BANK
111 BARNARD ST
SAVANNAH, GA 31401

This SBA loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

423710 - Hardware Merchant Wholesalers

Loan Approval Date

8/4/2006

Loan Approval Gross Amount

$1,334,550

Loan Approval from the SBA

Of the total $1,334,550 loan amount, the SBA guaranteed $1,000,912.

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 15 employees. The SBA loan application for the borrower did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First Chatham Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Raising VC Money for Social Networking Companies

Best Savannah, Georgia Banks for Small Business

Browse All Business Loan Sources for Georgia