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Are you looking for Tennessee’s best business loans & startup financing companies? For your small business in the Volunteer State, many banks, credit unions, and unconventional lenders are offering different loan types. Did you know that more than 142,000 small businesses operate in the Great Smoky Mountains State, all of them employing fewer than a hundred?

Understand the unique features and benefits of different loan types to empower your business. That’s how you choose the best lender for your business. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.

Consider these 9 business loans & startup financing options in Tennessee to get started. Check our reviews of these lenders to decide which one’s the best option for you:

1. Swoop Funding

Swoop Funding is every Tennessee-based small company’s top startup financing option. It will offer entrepreneurs a range of funding solutions to meet their needs. You can access many loan types, including traditional term loans and innovative financing options with a simplified funding process. At Swoop Funding, you can get $5k to $500k as a small business. Moreover, you have to have a credit score of 600+ with the company’s annual revenue being $50k (at least). Even if it’s been 6 months since you started this business, Swoop will consider your loan application! It is important to talk directly to Swoop’s experts to determine your creditworthiness, though.

2. Wilson Bank & Trust

If you have a business in middle Tennessee, then you should get in touch with this provider to cover your commercial expenses via SBA loans. At Wilson Bank & Trust, they will “customize a lending program that fits your specific vision, with flexible terms and some of the best rates in Middle Tennessee.” You can then use this money to afford business equipment, real estate, or working capital among other things.

3. Regions Bank

The interest rate offered by this bank is around 4.67% on average. Given that $1.28 million is the average payout approved by the Regions Bank, it seems like the perfect lending partner for Tennessee-based businesses. You can easily apply for a line of credit to be opened for your corporate expenses or take out a term loan to invest in commercial real estate. Even seasonal loans are available here so you can take care of your company’s arbitrary expenses. Apply for a bridge loan if you need immediate cash flow to meet business obligations and expenses until you secure permanent financing.

4. TriStar Bank

If you have a unique business idea in mind, then get in touch with TriStar Bank to see it to fruition. This lender will give you ample funding to make sure you have the capital needed to meet your corporate needs. So, you’ll get competitive rates along with local processing. Also, interest rates are pretty low and loan terms are accommodating. You can use this funding for the following reasons:

• Working capital
• Equipment
• Machinery
• Inventory
• Facility improvements

5. Volunteer State Bank

Nothing’s better for Tennessee-based businesses than a lender that bears the state’s nickname. At the Volunteer State Bank, you get competitive rates with flexible terms and local decisions. It has a friendly customer service department and wide-ranging lending options to help your local startup grow into a unicorn. You can use this bank’s funding for these purposes:

• Commercial real estate purchase
• Construction
• Business acquisition or expansion
• Equipment/inventory purchase
• Working capital

6. Eagle Business Credit

The HQs of this company are based in Georgia, offering credible lending services to businesses in the Volunteer State. What sets them apart from other banks (especially credit unions) is how they offer interest rates as low as 1%. Moreover, the funding goes from $1k to $5 million. You’ll fill out an application and then get funded in the next 24 hours.

7. Tennessee State Bank

Tennessee State Bank operates from its 15 branches located throughout the Volunteer State. You can contact this startup financing provider to embark on your entrepreneurial journey. They offer shortcut loans to help business owners and others meet unexpected financial expenses. In the case of commercial loans, TSB gives you shortcut business funding. You can borrow this money for various purposes, such as:

• Term Loans
• Lines of Credit
• Letters of Credit
• Automobile loans 
• Equipment loans 
• Business Asset Purchase loans 
• TSB CD or Savings Account secured loans 

8. Tennessee Valley Federal Credit Union

You can also get in touch with this FCU to get started on your entrepreneurial journey. They focus on supporting small businesses opened in garages or generational companies. Also, they customize repayment terms to fit the unique needs of your business. You can use the funding given to you by the TVFCU to purchase business equipment, inventory, machinery, real estate, and various other things. Attentive and friendly services are their motto!

9. Cheddar Capital Partners

Lastly, at Cheddar Capital Partners, you can get ample funding for your business idea. They will give you $5k to $500k in business funding. Moreover, they’ll finance 100% of the cost of buying office equipment. Also, there are no upfront costs or down payment requirements. You may also use Section 179 tax deductions when it comes to getting a business loan with Cheddar. Some of Cheddar’s key features are:

• Use the cash for any business purpose
• Flexible terms with no early repayment penalty
• Funds sent to your account within hours

Tennessee Government Resources

Check out these government resources about business grants/funding and startup financing options in Tennessee :

• Loans & Grants in Memphis, TN
• Department of Economic and Community Development | TNInvestco Funding
• Business Funding Resources in Nashville, TN
• Resources for Startups & Entrepreneurs in Chattanooga, TN

Top Cities in Tennessee for Business Loans

Curious to know which cities or census-designated places (CDPs) in Tennessee are the best for business loans & startup financing? If you live in any of these 30 cities, then you can easily access SBA loans or other nontraditional financing means to embark on your entrepreneurial journey:

1. Nashville
2. Memphis
3. Chattanooga
4. Knoxville
5. Jackson
6. Clarksville
7. Murfreesboro
8. Franklin
9. Johnson City
10. Cookeville
11. Hendersonville
12. Collierville
13. Smyrna
14. Brentwood
15. Mount Juliet
16. Lebanon
17. Gatlinburg
18. Morristown
19. Dyersburg
20. Kingsport
21. Bristol
22. Sevierville
23. Paris
24. Cleveland
25. Spring Hill
26. La Vergne
27. Shelbyville
28. Tullahoma
29. Lenoir City
30. Pigeon Forge

Conclusion

Whether you’re a startup owner or founded a well-established business years ago, you have to choose the right financing partner and lender. That’s how you keep your business vessel afloat and key commercial operations running in Tennessee in this economy. You should also contact the top business loans & startup financing companies in Arkansas since these lenders cater to entrepreneurs in the Volunteer State as well.

Now, choose a lender that offers you flexible loan terms and interest rates. Check their online reputation, customer service, interest rates, and other factors. If something needs to be clarified, get in touch with Sophisticated Investor to understand how to get your entrepreneurial dreams funded quickly. That’s how you can take your business to new heights of success.