Raising Money for General Automotive Repair
With these business 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 2003.
This small business knew how to go about getting a business bank loan. Based in Batavia, New York, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Valley National Bank, based in North Plainfield, New Jersey.
SBA Loan Borrower
COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
BATAVIA, NY 14020
SBA Loan Lender
VALLEY NATIONAL BANK
1334 RTE 22 EAST
NORTH PLAINFIELD, NJ 07060
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
811111 - General Automotive Repair
Loan Approval Date
8/4/2003
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. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company
had only one employee. This SBA loan request indicated that the loan would help generate 4 new jobs and retain 1 existing job.
Next Steps for Getting an SBA Loan
If you need money to start business in Batavia NY, you ought to talk with a local Batavia SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Batavia businesses.
The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Valley National Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there 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:
Debt Financing
Best North Plainfield, New Jersey Banks for Small Business
Where to Get an SBA Loan New Jersey