Automotive Parts and Accessories Stores Small Business Loans

Looking for small business loans for automotive parts and accessories stores? An SBA loan may be just what you've been looking for. This $207,000 automotive parts and accessories stores loan was issued by a Massachusetts bank.

This small firm received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with North Middlesex Savings Bank, out of Ayer, Massachusetts. The loan was granted and they received $207,000 to help grow their Ayer, Massachusetts business.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE SUPPLIES AND NEW PARTS
AYER, MA 01432

SBA Loan Lender

NORTH MIDDLESEX SAVINGS BANK
7 MAIN ST
AYER, MA 01432

This SBA 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.

SIC Code

5013 - Motor Vehicle Supplies and New Parts

NAICS Code

441310 - Automotive Parts and Accessories Stores

Loan Approval Date

4/3/2003

Loan Approval Gross Amount

$207,000

Loan Approval from the SBA

Of the total $207,000 loan amount, the SBA guaranteed $155,250.

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. This SBA loan request did not indicate that the company promised to use the funding to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

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.

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Getting an SBA Loan in Massachusetts