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Small Business Loans in Tennessee

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By Erin Ryan Social Community Manager, Senior Writer and Editor at Fast Capital 360 Reviewed By Mike Lucas
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Loan Overview

  • Coins stacked on table with blue arrow pointing up
    Loan Amount Up to $500,000
  • Calendar image appearing as though the page is being flipped
    Estimated Repayment Terms 1-5 Years
  • Speedometer icon
    Interest Rate Starting at 7%
  • Dollar sign in circle
    Speed of Funding As fast as 1 day

Whether you run a restaurant in Memphis, a retail store in Nashville or some other small business in Tennessee, the day might come when you find yourself with a decrease in cash flow.  

When you’re on the hunt for small business loans in Tennessee, here are some lenders and financing options to consider, including Tennessee SBA lenders. Also, get a peek into the Volunteer State’s business climate and discover resources for entrepreneurs.


Tennessee Small Business Landscape

Tennessee is home to more than 620,000 small businesses, according to the Small Business Administration (SBA). These firms employ 1.1 million workers, netting more than 40,000 new jobs in 2019. 

Popular small business industries include:

  • Hospitality and food services
  • Health care and social assistance 
  • Retail trade
  • Manufacturing 
  • Construction
  • Agriculture
  • Music, tourism and entertainment

5 Banks for Tennessee Business Loans

If you need access to capital, here are a few top lenders in Tennessee along with the business loan programs they offer.

1. First Horizon Bank

First Horizon Bank made Forbes’ list of America’s Best Banks. Additionally, several branches are A+ rated and accredited by the Better Business Bureau (BBB).

If you’re in search of SBA Memphis, Tennessee, lenders, head here. 

  • Business term loans
  • Business lines of credit
  • Business credit cards
  • Real estate loans
  • Business equipment leasing 
  • Accounts receivable funding

2. Renasant Bank

Renasant Bank made WalletHub’s 2021 Best Banks in Tennessee list. It also earned a 4.8-star rating from more than 400 reviewers on the site. Additionally, the bank is A+ rated with the BBB and has a 4.3-star rating on Bankrate. 

If you’re looking for SBA Tennessee loans, you’ll find them here, as well as the following:

  • Business credit cards
  • Asset-based lending
  • Accounts receivable financing
  • Equipment financing and leasing

3. Peoples Bank of East Tennessee

This bank has a 4.5-star Facebook rating. It also has earned a 4.4-star Google rating and an A+ rating with the BBB. Business loans and credit cards are available here.

Branches are located in the following cities:

  • Madisonville
  • Athens
  • Ducktown
  • Loudon
  • McCaysville
  • Sweetwater
  • Tellico
  • Vonore

4. First National Bank

First National Bank is A+ rated with the BBB, and most branches are accredited by the organization as well. Google reviewers have given this financial institution an overall rating of 4.3 stars.

SBA loans for Tennessee businesses are available here as well as the following:

  • Business credit cards
  • Equipment financing
  • Business lines of credit
  • Letters of credit
  • Commercial real estate loans

5. Civis Bank

Civis Bank has been awarded a 5-star rating on WalletHub. It’s also earned a 4.7-star rating by Google reviewers. Branches are available in Rogersville, Church Hill and Sneedville, Tennessee.

In addition to business term loans, the following financing options are available:

  • Business lines of credit
  • Equipment loans
  • Agriculture loans

Alternative Financing Options in Tennessee

In addition to conventional banks, like the ones noted above, many small business owners are choosing to look into financing offered by online nonbank lenders. 

Many online lenders can offer SBA loans, business term loans and lines of credit as well as alternative financing options. For example, you may consider a merchant cash advance for your Tennessee business or accounts receivable financing

While conventional lenders are known to offer competitive rates and terms, they also are known to have long application and approval times. In contrast, alternative lenders tout streamlined applications and extremely fast funding timelines. Expect to see shorter payment terms, more frequent payment installments and higher interest rates. 

  • Applying for Business Funding in Tennessee Through Fast Capital 360

    Whether you’d like to apply for an SBA loan or a merchant cash advance in Tennessee, we can help.

    Here’s how:

    Speed

    Submit your application online in just a few minutes, without impacting your credit. In some cases, you could receive funding as soon as a day of approval.

    Multiple Offers

    Because we work with lending partners across the U.S., you could receive loan offers from several lenders. Compare options to choose the best offer for your business. 

    Expert Guidance

    Review the details of your offer with a Fast Capital 360 Business Advisor. Get the support you need to get your business funded fast.

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Additional Resources for Entrepreneurs in Tennessee

In addition to business loans for your Tennessee venture, consider reaching out to organizations in your state committed to facilitating entrepreneurial growth. Here are a few you can turn to if your needs go beyond working capital.

USA.gov

USA.gov has a number of resources for entrepreneurs, whether you’re looking to open a new business, are seeking assistance with an existing one or are moving your business to Tennessee. Get details about grants and business incentives, or find information about local or state contracting opportunities.

SCORE

SCORE is a nonprofit organization that has been helping small business owners nationwide since the 1960s. Take advantage of free business mentoring sessions or sign up for a training workshop. Also, browse the online library for additional resources, such as video recordings, business articles, document templates and more.

SCORE branches in Tennessee are located in the following areas:

  • Chattanooga
  • Greater Knoxville
  • Memphis
  • Nashville

Tennessee Small Business Development Centers

There are 14 Tennessee Small Business Development Centers throughout the state, which are funded in part by the SBA. Head to one near you to meet with a business advisor or participate in business training. Virtual options are also available. Additionally, several guides are available online, such as a business planning workbook, financial statement guide, commercial lending guides and more.

One application. Multiple loan offers.

Quickly compare loan offers from multiple lenders without impacting your credit score.

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