Raising Money for Automotive Repair and Maintenance

Looking for bank loans for automotive repair and maintenance? Try the SBA. This $104,000 automotive repair and maintenance loan was issued by a Minnesota bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Bemidji, Minnesota was able to borrow $104,000 from 1st National Bank - Deerwood. The SBA made the loan possible by guaranteeing $88,400 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE REPAIR AND MAINTENANCE
BEMIDJI, MN 56601

SBA Loan Lender

1ST NATIONAL BANK - DEERWOOD
16 SUMMIT WEST
BLACKDUCK, MN 56630

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

811198 - Automotive Repair and Maintenance

Loan Approval Date

9/24/2007

Loan Approval Gross Amount

$104,000

Loan Approval from the SBA

Of the total $104,000 loan amount, the SBA guaranteed $88,400.

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 2 employees. The loan application indicated that the loan would help retain 2 existing jobs.

Start the Process for Getting an SBA Loan Today!

If you are wondering how to raise money for a company in Bemidji MN, you ought to talk with a local Bemidji SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Bemidji businesses.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

SBIR Funding

SBA Participating Banks in Blackduck, Minnesota

SBA Lenders in Minnesota