Capital for Your Small Business--The SBA Way In Tennessee, small businesses have a source of financing, whether for a start-up business or expansion of an existing business, through SBA guaranteed loans up to $5 million. Our loan program works like this – you start with the bank or credit union of your choice and ask if they do SBA lending. If so, the lender first decides to do the deal and then go with the SBA guarantee, which is 85% of the loan amount up to $150,000 and 75% over $150,000. This gives the bank assurance that SBA will back the loan and the borrower the peace of mind there will never be a call-note or balloon payment in a SBA deal. Once the loan application is submitted to SBA by the lender we typically provide a loan decision in 14 days, upon which the lender would disperse loan proceeds to you --- the small business owner in the Volunteer State. And one added plus – through September 30, 2014 there are no guarantee fees for loan amounts up to $150,000. So for a $100,000 loan, this will save you $1,700. And if you are a veteran, the savings are even greater as there are no guarantee fees on loans up to $350,000. So if you are ready for a SBA loan, we have banks and credit unions ready to lend. Our SBA Resource Guide includes lenders by each county in Tennessee who are ready to make capital happen for your small business. Walter N. Perry III District Director SBA Tennessee Resource Guide: http://www.smallbusiness3.com/pdf/english/tennessee.pdf Loans – Connecting with Lenders in the Volunteer State SBA lending in is currently at $164 million statewide through 287 loans made by 77 banks and credit unions across Tennessee. These loans can go as high as $5 million and with SBA's streamlined credit analysis for borrowers effective July 1, more lending is happening in Tennessee. Our lending partners can help with your business financing needs, so connect today with an SBA lender in your community. Below are top lenders by dollar and volume… Tennessee Top Lenders – (as of June 30, 2014) Top Volume- Lenders with 4 or more SBA loans in Tennessee since beginning of Fiscal Year 2014 (October 1, 2013) - US Bank, Cincinnati, OH; 56 loans, $8.6 million
- Live Oak Banking , Wilmington, NC; 18 loans, $27.3 million
- Synovus Bank, Columbus, GA; 16 loans, $9.1 million
- Wells Fargo, Sioux Falls, SD; 14 loans, $10.1 million
- SunTrust Bank, Atlanta, GA; 13 loans, $16.3 million
- UT Federal Credit Union, Knoxville, TN; 10 loans, $613,000
- First Advantage Bank, Clarksville, TN; 9 loans, $3.4 million
- Fifth Third Bank, Cincinnati, OH; 7 loans, $2.7 million
- First State Bank, Union City, TN; 7 loans, $2.6 million
- Regions Bank, Birmingham, AL; 6 loans, $4.0 million
- BrightBridge, Inc., Chattanooga, TN; 6 loans, $3.6 million
- Celtic Bank Corporation, Salt Lake City, UT; 6 loans, $695,000
- Mountain Commerce Bank, Erwin, TN; 6 loans, $928,000
- Areawide Development Corp., Alcoa, TN: 5 loans $3.9 million
- Superior Financial Group, Walnut Creek, CA; 5 loans, $85,000
- First Farmers and Merchants Bank, Columbia, TN; 5 loans, $331,000
- Triumph Bank, Memphis, TN: 5 loans $2.9 million
- FSG Bank, Chattanooga, TN; 5 loans, $1.6 million
- Heritage Bank, Hopkinsville, KY; 4 loans, $181,000
Top Dollar –Lenders With $3 million or more SBA loans in Tennessee since beginning of Fiscal Year 2014 (Oct 1, 2013) - Live Oak Banking , Wilmington, NC; 18 loans, $27.3 million
- SunTrust Bank, Atlanta, GA; 13 loans, $16.3 million
- Wells Fargo, Sioux Falls, SD; 14 loans, $10.1 million
- Synovus Bank, Columbus, GA; 16 loans, $9.1 million
- US Bank, Cincinnati, OH; 56 loans, $8.6 million
- Avenue Bank, Nashville, TN; 2 loans, $5.2 million
- Pinnacle Bank, Nashville, TN; 2 loans, $4.8 million
- First Western SBLC, Inc.; Dallas, TX; 2 loans, $4.4 million
- Evolve Bank and Trust, West Memphis, AR; 2 loans, $4.1 million
- Regions Bank, Birmingham, AL; 6 loans, $4.0 million
- Areawide Development Corp., Alcoa, TN: 5 loans, $3.9 million
- The Peoples Bank, Rose Hill, VA; 1 loan, $3,8 million
- Mid-Cumberland Area Development Corp, Nashville, TN; 3 loans, $3.6 million
- BrightBridge, Inc., Chattanooga, TN; 6 loans, $3.6 million
- CertusBank, Easley, SC; 2 loans, $3.6 million
- First Advantage Bank, Clarksville, TN; 9 loans, $3.4 million
- Colorado National Bank, Palisade, CO; 1 loan, $3.2 million
SBA Introduces SBAOne Lending Platform By Cassius Butts, Regional Administrator I had the pleasure of joining the SBA management team from across Region 4 along with all of SBA management from across this great Nation in Cleveland, Ohio this month. Our main objective was to strategize the next moves of our agency moving forward. The theme for the conference this year was "District Based Economic Development Within a National Perspective." The theme sits well with me as we truly embraced district successes and tied in SBA Administrator Maria Contreras-Sweet's national strategies that she has asked us to put in place to better serve our small business communities; especially the underserved communities. The SBA has a lot in store for you-- and our team is prepared to communicate to you the new opportunities that are on the horizon. One new concept I will introduce to you now is SBAOne. SBAOne is a new, interactive, user-friendly SBA lending platform. SBA is automating the uploading of documents and the generation of forms, and allowing electronic signatures saving banks hours of processing time and thousands of dollars. SBA One will incent more banks to partner with us, generating more loans and igniting economic activity. By making the process quicker, cheaper and more intuitive, this initiative will help existing lenders do more small-dollar lending. I am very excited about this new development and where it can lead this agency and what it can bring our communities. SBAOne is just one example of what we have in store for you. So, stay tuned and stay aware. The SBA has opportunities coming your way and an amazing team ready to assist in seamlessly implementing new policies and procedures that will lead to more small business success. SBA Tennessee District Office Highlights July 2014  A new member of the Tennessee SBA team, LaTanya Channel, joined the SBA Tennessee District Office as Deputy District Director on July 7th. La Tanya comes to the TN District Office from SBA Headquarters where she was Chief of Certification and Eligibility for the Offices of Small Disadvantaged Business and HUBZone Certification, and formerly a Senior Advisor for the 8(a) Business Development Program.
On July 11th, District Director Walter Perry and Deputy District Director LaTanya Channel presented the SBA Tennessee Micro Lender of the Year Award to Pathway Lending in Nashville. Pathway Lending, formerly Southeast Community Capital, has been an active Micro Lender statewide since 1999.
On July 15th, a Lenders' Training Event and luncheon, with over 60 bankers, was presented at the Nashville Entrepreneur Center by Lender Relations Specialists Lisa Denson and Anna Maria Lloyd. District International Trade Officer, David Tiller, moderated a panel on International Trade Finance on July 17th in Memphis at the Made In America Rural International Trade Forum presented by the White House Rural Council, the Department of Commerce International Trade Administration, Export-Import Bank, the Tennessee Small Business Development Center, the Delta Regional Authority, and the SBA. More than 150 interested entrepreneurs pre-registered for the event. Regional International Trade Officer, Sandro Murtas, and Export Import Bank Regional Director, Susan Kintanar, David Spann of the Commerce Department, and international bankers based in Tennessee were also panelists at the event.
On July 24th District Director Perry presented the Tennessee SBA Small Business Person of the Year Award to Tracy Solomon of TEVET LLC in Greeneville. Solomon is a service disabled Veteran who has developed his firm into a leading federal government contractor supplying advance testing and measuring equipment.
The Tennessee District Office has continued to offer outreach events to present the Basics of HUBZone Certification and the SBA 8(a) Business Development Program across the state to chambers of commerce and non-profit organizations. Kena Dixon and Gloria Armstead presented multiple workshops in July to inform current and prospective federal government contractors on the benefits and procedures associated with SBA's contracting and business development programs. We urge all interested entrepreneurs to contact our office at www.sba.gov/tn for further training opportunities.
| Connect with us for news and resources UPCOMING EVENTSAugust 7th-"Financing Your Business the SBA Way" 1-2pm,Eastern, TN Small Business Dev.Center, 100 Cherokee Blvd. Chattanooga, TN 37405, (423)756-8668 August 9th,"Starting A Business," 9am-Noon, Central, 2 International Plaza Dr. Nashville, TN, SCORE Office,(615)736-7621 August 12th"How to Start Your Small Business" 4-6pm Central, TN Small Business Dev. Center 1480 Nashville Pike Bldg 300, Gallatin, TN 37066,(615)230-4780 August 13th "Content Creation for Social Media Made Easy" 4-6pm Central, TN Small Business Dev. Center,1480 Nashville Pike, Gallatin, TN 37066,(615)230-4780 August 15th "Where's The Money?" 10am-Noon,Central, SBA Office,2 International Plaza Dr., Suite 500, Nashville,TN 37217 (615)736-7465 August 16th "Building Financial Projections for Business Plans" 1pm-4pm, Central, SCORE, 2 International Plaza Dr. Nashville,TN 37217 (61)736-7621 \ August 29th "Introduc- tion to QuickBooks" 9am-Noon,Central, TN Small Business. Dev. Center, 1480 Nashville Pk.Bldg 300 Gallatin, TN 37066 (615)-230-4780
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