Raising Money for General Automotive Repair
With these bank loans for general automotive repair, the SBA guarantees the lender that the loan will be repaid. This general automotive repair loan for $150,000 was given to a New York entrepreneur in 2005.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Barneveld, New York was able to borrow $150,000 from Unity Bank. The SBA made the loan possible by guaranteeing $127,500 of this New York small business loan.
SBA Loan Borrower
COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
BARNEVELD, NY 13304
SBA Loan Lender
UNITY BANK
64 OLD HWY 22
CLINTON, NJ 08809
The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA bank loans to to our country's hard-working small business owners.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
7538 - General Automotive Repair Shops
NAICS Code
811111 - General Automotive Repair
Loan Approval Date
7/28/2005
Loan Approval Gross Amount
$150,000
Loan Approval from the SBA
Of the total $150,000 loan amount, the SBA guaranteed $127,500.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company
had 3 employees. The loan application did not indicate that the business planned to use the funding to hire new employees or retain any existing employees.
Start the Process for Getting an SBA Loan Today!
SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.
This company got an SBA loan. You can too! Maybe you are raising money for operating expenses? Maybe you need money to buy a business? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.
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:
Startup Funding Tip
SBA Participating Banks in Clinton, New Jersey
Browse All Business Loan Sources for New Jersey