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InHouse Brand Group Expands with an SBA 7(a) Loan

InHouse Brand Group Expands with an SBA 7(a) Loan

125 Center Park Drive Drive, Suite 800

Knoxville, TN 37922

 

5 Employees

 

Situation

  • In 2012, Tony Smith started a graphic design business while in his junior year of college in Knoxville, Tennessee.
  • After doing design work and contracting out his screen-print jobs to other companies, he knew it was time to expand.
  • To expand, Mr. Smith needed his own equipment.

 

Solution: How the SBA helped

  • Mr. Smith reached out to his mentor, Doug Minter of the Knoxville Chamber of Commerce.
  • Mr. Minter advised Mr. Smith to apply to the UT Federal Credit Union for a loan.
  • UT Federal Credit Union financed a $30,000 SBA 7(a) guaranteed loan to acquire his own equipment in 2014.

 

Successful Impact/Outcome

  • The business is minority owned.
  • The financial assistance has allowed the business to expand from one to 5 employees.
  • Since obtaining the loan, the business has expanded into other the ecommerce sector, opened a retail space in Atlanta, Georgia, and increased sales from $100,000 to $725,000 in the last three years.
Company Name: 
InHouse Brand
Location: 
Knoxville, TN