Financing for General Automotive Repair

Looking for commercial loans for general automotive repair? An SBA loan may be just what you've been looking for. This $552,000 general automotive repair loan was issued by a Texas bank.

This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Comerica Bank, out of Dallas, Texas. The loan was granted and they received $552,000 to help grow their Addison, Illinois business.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
ADDISON, IL 60101

SBA Loan Lender

COMERICA BANK
1717 MAIN
DALLAS, TX 75201

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

1/3/2003

Loan Approval Gross Amount

$552,000

Loan Approval from the SBA

Of the total $552,000 loan amount, the SBA guaranteed $414,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The SBA loan documents indicated that the loan would help generate 4 new jobs and retain 3 existing jobs.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $552,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

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