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May 5, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Memphis, Business Loans > First Tennessee Bank Memphis Business Loans > Commercial Laundry, Drycleaning, And Pressing Machine Manufacturing Loan | ||||
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SBA Lender Memphis
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Memphis, Tennessee Bank Lends Money to Commercial Laundry, Drycleaning, And Pressing Machine Manufacturing Company in Somerville, TennesseeA Memphis, Tennessee small business loan can be yours. Learn how a business got a $138,000 business loan from this Tennessee bank. This loan to an entrepreneur is a good example of an SBA loan. First Tennessee Bank made the loan and the SBA guaranteed a portion of the loan. Many other Tennessee entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: COMMERCIAL LAUNDRY, DRYCLEANING, AND PRESSING MACHINE MANUFACTURING SBA Loan Lender FIRST TENNESSEE BANK This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 333312 - Commercial Laundry, Drycleaning, and Pressing Machine Manufacturing Loan Approval Date 7/21/2005 Loan Approval Gross Amount $138,000 Loan Approval from the SBA Of the total $138,000 loan amount, the SBA guaranteed $117,300. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. The loan application did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! Every year, the SBA guarantees over $10 billion for loans just like this one. The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like First Tennessee Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you. 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: SBA 7A Banks in Memphis, Tennessee Browse All Business Loan Sources for Tennessee
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