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May 5, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Temecula, Business Loans > Temecula Valley Bank Temecula Business Loans > Hotels And Motels Loan | ||||
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Banks for Murfreesboro, Tennessee Small Businesses
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Murfreesboro, Tennessee Entrepreneur Gets an SBA LoanSBA loans in Tennessee are tough to come by these days. We take a look at one Tennessee SBA loan, provided by a California bank, that was approved by the SBA. This small business, based in Murfreesboro, Tennessee, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Temecula Valley Bank. We've got the inside scoop on this Tennessee small business loan. SBA Loan Borrower COMPANY TYPE: HOTELS AND MOTELS SBA Loan Lender TEMECULA VALLEY BANK The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7011 - Hotels and Motels NAICS Code 721110 - Hotels and Motels Loan Approval Date 3/11/2005 Loan Approval Gross Amount $839,000 Loan Approval from the SBA Of the total $839,000 loan amount, the SBA guaranteed $629,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 15 employees. This SBA loan request did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? 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 Temecula Valley 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: Banking Deregulation's Effects on Entrepreneurship SBA 7A Banks in Temecula, California
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