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May 4, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Nashville, Business Loans > Renasant Bank Nashville Business Loans > Family Clothing Stores Loan | ||||
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Banks Doing SBA Loans in Tennessee
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Nashville, Tennessee Bank Lends Money to Family Clothing Stores Company in Nashville, TennesseeGet to know Nashville, Tennessee banks that specialize in small business loans and know how to work with entrepreneurs. Renasant Bank is one such bank, as evidenced by this SBA loan to a growing company. Finding a small business loan in Nashville, Tennessee starts with an understanding of who else has gotten loans in the area. In this case, a local small business received funding from Renasant Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: FAMILY CLOTHING STORES SBA Loan Lender RENASANT BANK This lender issued this particular commercial loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 448140 - Family Clothing Stores Loan Approval Date 1/23/2004 Loan Approval Gross Amount $45,600 Loan Approval from the SBA Of the total $45,600 loan amount, the SBA guaranteed $38,760. 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 18 employees. The SBA loan documents did not indicate that the small business promised to use the funding to hire new employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! 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. 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: Who Lends Money to Small Businesses in Nashville, Tennessee
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