Business Loans for General Automotive Repair
Looking for business loans for general automotive repair? Talk to a banker who works with the SBA. This $358,000 general automotive repair loan was issued by a New Mexico bank.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Albuquerque, New Mexico was able to borrow $358,000 from First Community Bank. The SBA made the loan possible by guaranteeing $268,500 of this New Mexico small business loan.
SBA Loan Borrower
COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
ALBUQUERQUE, NM 87107
SBA Loan Lender
FIRST COMMUNITY BANK
5210 EUBANK NE
ALBUQUERQUE, NM 76111
SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
811111 - General Automotive Repair
Loan Approval Date
7/2/2001
Loan Approval Gross Amount
$358,000
Loan Approval from the SBA
Of the total $358,000 loan amount, the SBA guaranteed $268,500.
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 14 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the funding to add employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First Community Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).
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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Getting an SBA Loan in New Mexico