The best small business loans for Chattanooga, TN

Take your business to new heights with the right financing

  • Apply in less than 60 seconds
  • Wide range of financing option for every need
  • Competitive rates and terms
  • Personalized service
  • Dedicated support team

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Industries we work with in Chattanooga, TN

We're proud to work with small businesses across various industries in Chattanooga, TN. Whether you're in healthcare, construction, or technology, we're here to help you grow and succeed. Our financing solutions are customized to meet your needs, so you can focus on what you do best - running your business!

Here are some of the many industries we serve:

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    Construction

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    Medical Practices

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    Beauty Salons

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    Retail Stores

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    Restaurants

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    Hotels

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    Manufacturing

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    Staffing

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    Automotive Businesses

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    Landscaping

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    Toy Businesses

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    Transportation

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    IT

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    Professional Services

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    Veterinary Practices

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    Franchise Businesses

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See why thousands of businesses have made SMB Compass

the top-rated small business loan provider in Chattanooga, TN

Garrett Cushing
Garrett Cushing
November 30, 2021.
Diligent and honest people to work with. SMB has been a great resource for my business, helped me through a variety of different financing over the years.
John Limato
John Limato
November 16, 2021.
I rarely write reviews but felt the need to thank the SMB team. Found them to be honest people that took the time to understand my business and walked me through the entire process.
Connor Johnson
Connor Johnson
November 4, 2021.
SMB helped me navigate through the growth period in my business. They were diligent and genuinely cared to make sure we got the percent line in place to meet our current needs. Very happy I was introduced to them and would highly recommend.
Michelle Cota
Michelle Cota
October 27, 2021.
I am so happy that SMB was able to help our company when we were in a jam. They were so attentive and so easy to work with. Helped step by step to get financed. Thank you Clay!
Veronica Akins
Veronica Akins
October 14, 2021.
SMB Compass was helpful and fast. They kept in contact and answered all my questions. The best part of our interactions was that the lender could have given me an extremely high interest rate loan when I thought that was my only option, but he instead told me of another option that fit our needs much better and saved us money! Thank you Clay
John Folco
John Folco
October 13, 2021.
True experts in the Commerical finance space. Great company to work with, look forward to a continued relationship.
Pat Mcandrews
Pat Mcandrews
October 8, 2021.
Great team of professionals to work with. Incredibly responsive and great problem solvers. Would recommend them to anybody.
Haroon S
Haroon S
September 22, 2021.
Clay was great to work with. Very responsive and great communication.
John Lutz
John Lutz
September 15, 2021.
Great people to work with. They were transparent and helpful from the first call to closing. I would recommend them to anyone in my network.
Matthew Seymour
Matthew Seymour
July 16, 2021.
Clay & Matt are experts in the industry and they are able to advise on a number of topics.

Learn more about our loan packages

The best small business loan in Chattanooga, TN

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    SBA Loans

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    Term Loan

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    Invoice Financing

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    Business Line of Credit

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    Inventory Financing

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    Bridge Loans

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    Equipment Financing

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    Asset Based Loans

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    Purchase Order Financing

FAQs about small business loans in Chattanooga, TN

How to get a small business loan in Chattanooga, TN?

If you’re looking to get a small business loan in Chattanooga, TN, here’s what you should do:

  1. Know what you need. Before applying for a loan, get a clear idea of how much money your business needs and how you will use the funds. Doing so can help identify the best type of loan for your needs.
  2. Check your credit score. Many lenders in Chattanooga, TN, will look at your credit score when reviewing your application, so knowing where you stand is important. If your score is less than ideal, consider improving it by making timely payments, keeping old accounts open, and limiting new credit applications.
  3. Research lenders. Many different types of lenders offer small business loans in Chattanooga, TN, including banks, credit unions, and online lenders. Research to find out which ones best fit your needs and qualifications.
  4. Prepare your application. Once you’ve identified potential lenders, prepare your loan application carefully. This may include providing financial statements, tax returns, and other documentation demonstrating your ability to repay the loan.
  5. Apply for the loan. If you’ve found a lender you’re comfortable with, it’s time to start your application. The process varies from lender to lender, but essentially, you need to submit your loan application along with the required documents. You also need to prepare to answer any additional questions the lender may have.
  6. Wait for a decision. The lender will then review your application and decide whether to approve your loan or not. Funding speed depends on the lender and loan type. Banks usually take weeks or months, while online lenders can fund your business in a day.

Chattanooga TN

Chattanooga TN

How do I come up with a business loan in Chattanooga, TN?

If you're looking to come up with a business loan in Chattanooga, TN, here are some steps you can take:

  • Determine how much money you need: Before applying for a loan, it's important to clearly understand how much you need to borrow. Consider your business expenses, such as rent, inventory, and employee salaries, and factor in any planned investments or expansions.
  • Check your credit score: Your credit score is an important factor in the loan approval process. A high credit score can help you secure more favorable loan terms, while a low credit score may result in higher interest rates or rejection of your loan application. Check your credit score and take steps to improve it if necessary.
  • Research lenders: There are a variety of lenders in Chattanooga that offer business loans, including banks, credit unions, and online lenders. 
  • Gather financial documents: Lenders typically require various financial documents, such as tax returns, bank statements, and business financial statements, to evaluate your loan application. Gather these documents in advance to streamline the application process.
  • Prepare a business plan: A well-prepared business plan can help you secure a loan by demonstrating to lenders that you have a clear vision for your business and a strategy for using the loan funds. Include information about your business, such as your industry, target market, and competition, as well as financial projections and a repayment plan.
  • Apply for the loan: Once you've chosen a lender and gathered all necessary documents, you can submit your loan application. Be prepared to answer questions about your business and financial situation and provide additional documentation.
  • Review loan terms: If your loan application is approved, review the terms carefully to ensure they are favorable and meet your needs. Ask the lender for clarification before signing the loan agreement if you have any questions or concerns.

Remember that the loan application process can take time, so starting the process well before you need the funds is important.

What is the highest business loan amount in Chattanooga, TN?

The highest business loan amount available in Chattanooga, TN, can vary depending on the lender and the type of loan. However, SBA loans can offer up to $5 million for established businesses with solid financials and collateral, while smaller loans, such as microloans, may range from a few thousand to $50,000.

Can I get a $10,000 business loan in Chattanooga, TN?

Yes, getting a $10,000 business loan in Chattanooga, TN, is possible. However, the specific loan amount and terms you may qualify for will depend on various factors such as your credit score, business revenue, and financial history. It's important to shop around and compare loan options from different lenders to find the one that best meets your needs and budget.

Small business loans available in every city in Tennessee