Car Washes Bank Loans
With these bank loans for car washes, the SBA guarantees the lender that the loan will be repaid. This car washes loan for $150,000 was given to a New Mexico entrepreneur in 2000.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Alamagordo, New Mexico was able to borrow $150,000 from First Savings Bank. The SBA made the loan possible by guaranteeing $112,500 of this New Mexico small business loan.
SBA Loan Borrower
COMPANY TYPE: CARWASHES
ALAMAGORDO, NM 88310
SBA Loan Lender
FIRST SAVINGS BANK
723 NEW YORK AVE
ALAMOGORDO, NM 88310
This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
7542 - Carwashes
NAICS Code
811192 - Car Washes
Loan Approval Date
5/24/2000
Loan Approval Gross Amount
$150,000
Loan Approval from the SBA
Of the total $150,000 loan amount, the SBA guaranteed $112,500.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company
had 2 employees. This SBA loan request did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees.
Start the Process for Getting an SBA Loan Today!
SBA loans provide money to small business owners for working capital for other expenses.
SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First Savings Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!
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.
Related Links:
Determining Proper Capital Structure for a Business
SBA 7A Banks for Alamogordo, New Mexico Loans
Browse All Business Loan Sources for New Mexico