Commercial Loans for Car Washes

With these commercial loans for car washes, the SBA guarantees the lender that the loan will be repaid. This car washes loan for $392,250 was given to an Indiana entrepreneur in 2006.

This business received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with First Farmers Bank And Trust, out of Kokomo, Indiana. The loan was granted and they received $392,250 to help grow their Anderson, Indiana business.

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
ANDERSON, IN 46013

SBA Loan Lender

FIRST FARMERS BANK AND TRUST
410 FLINT WAY DR
KOKOMO, IN 46904

This commercial loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811192 - Car Washes

Loan Approval Date

6/15/2006

Loan Approval Gross Amount

$392,250

Loan Approval from the SBA

Of the total $392,250 loan amount, the SBA guaranteed $294,188.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The loan application did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees.

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.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Famous Venture Capitalists

SBA Approved Banks in Kokomo, Indiana

Indiana SBA Bank Lenders