TSBDC at ETSU Kingsport Affiliate and KOSBE to Host Live SBA Loan Event for Amounts Up to $25000
May 29, 2013
KINGSPORT, Tenn. – The Tennessee Small Business Development Center at ETSU Kingsport Affiliate Office and KOSBE is hosting a live loan application clinic highlighting SBA's Small Loan Advantage 2.0 and Patriot Express Loan Programs, the State of Tennessee’s ECD-BERO Rural Microloan and other innovative financing options available through Pathway Lending to start and grow small businesses.
The event takes place from 5:30 to 7:45 p.m., Thursday, June 6, at your Kingsport Area Chamber of Commerce, 400 Clinchfield Street, Kingsport, TN. The workshop is offered free of cost, but registration is required.
During the clinic, business owners and entrepreneurs will complete their own loan application on site, and submit it for immediate consideration (if desired) at the end of the event. Applicants must provide a copy of their valid driver’s license and have a business checking account established in the name of their business. Sue Malone, Strategies for Small Business (Danville, CA)—the #1 SBA microloan provider for the Small Loan Advantage 2.0 Program in the nation—will facilitate the loan application process. She has closed over 20,000 SBA Loans for small business owners.
The SBA Small Loan Advantage 2.0 Loan is an easy way for existing and small businesses and startups to establish business credit. It requires no collateral, and no tax returns or financial statements. The SBA Small Loan Advantage 2.0 Loan features a 10-year term for low monthly payments, and electronic funding directly into a business checking account, so borrowers do not have to wait for a paper check. The maximum loan amount is $25,000.
The Patriot Express Loan is a streamlined loan product with an enhanced guaranty and interest rate that is available to military community members including veterans, service-disabled veterans, active-duty service members participating in the military’s Transition Assistance Program, Reservists and National Guard members, current spouses of any of the above, and the widowed spouse of a service member or veteran who died during service, or of a service-connected disability. The Patriot Express features one of SBA’s fastest turnaround times for loan approvals. Loans are available up to $500,000 and qualify for SBA’s maximum guaranty of up to 90 percent. The Patriot Express can be used for most business purposes, including start-up, expansion, equipment purchases, working capital, inventory or business-occupied real-estate purchases.
The ECD-BERO Rural Micro Loan Fund is designed to encourage job creation and provide access to capital to existing and potential entrepreneurs to support their growth and expansion. Micro loan funds of $500-$20,000 are available for use by entrepreneurs living and operating a business in rural Tennessee. A micro-enterprise is defined as a for-profit entity with five or fewer employees, one of whom owns the business. Fixed assets and working capital loans are accepted, and the maximum loan amount is $20,000. Technical assistance and training are required for the duration of the loan.
According to KOSBE Executive Director, Aundrea Wilcox, “These loan programs offer small business owners and startups fast and simple access to working capital from a trusted secondary source—in the event they are unable to get financing from their local community bank, or need additional funding. If you know that you have bad credit, you should take corrective action now to fix any problems before you apply. More than ever, borrowers must show creditworthiness and the ability to repay a loan.”
Register for this event online at, either www.tsbdc.org or www.kosbe.org or for more information, please contact, David Schools at (423) 392-8811 or email@example.com.
The cooperative agreement between KOSBE and East Tennessee State University is partially funded by the U.S. Small Business Administration (SBA). SBA’s funding is not an endorsement of any products, opinions or services. SBA funded programs are extended to the public on a non-discriminatory basis. Additional funding is provided by the Tennessee Board of Regents and the state of Tennessee.