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March 29, 2024  
 
 
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Tennessee Small Business Funding for Franchises

 

 
Loan Census SBA Loan Info

Loan to Buy Mr. Transmission Franchise Issued By Cornerstone Community Bank

Need a loan to invest in a Mr. Transmission franchise? Cornerstone Community Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Mr. Transmission franchise? If so, here's a 2005 SBA franchise loan that you should know about. Cornerstone Community Bank was the lender and the entrepreneur was based in Soddy-Daisy, Tennessee.

SBA Loan Borrower

MR TRANSMISSION
SODDY-DAISY, TN 37379

SBA Loan Lender

CORNERSTONE COMMUNITY BANK
6401 LEE HWY, STE B
CHATTANOOGA, TN 37421

The lender provided this debt financing through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

811113 - Automotive Transmission Repair

Loan Approval Date

3/22/2005

Loan Approval Gross Amount

$60,000

Loan Approval from the SBA

Of the total $60,000 loan amount, the SBA guaranteed $30,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Mr. Transmission franchise. At the time of the loan, the company had 7 employees. The SBA loan documents indicated that the loan would help retain 7 existing jobs.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Cornerstone Community Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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.

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