Automotive Mechanical and Electrical Repair and Maintenance Bank Loans

Looking for bank loans for automotive mechanical and electrical repair and maintenance? The SBA may be the answer. This $16,000 automotive mechanical and electrical repair and maintenance loan was issued by a Minnesota bank.

This company knew how to go about getting a business bank loan. Based in Benson, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was First Security Bank-Sleepy Eye, based in Benson, Minnesota.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE REPAIR SHOPS
BENSON, MN 56215

SBA Loan Lender

FIRST SECURITY BANK-SLEEPY EYE
215 13TH ST SOUTH
BENSON, MN 56215

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7539 - Automotive Repair Shops

NAICS Code

811118 - Automotive Mechanical and Electrical Repair and Maintenance

Loan Approval Date

9/28/2001

Loan Approval Gross Amount

$16,000

Loan Approval from the SBA

Of the total $16,000 loan amount, the SBA guaranteed $13,600.

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. The loan application did not indicate that the SBA funding recipient planned to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you have been wondering how do i get money to start a business in Benson MN, you ought to talk with a local Benson SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Benson businesses.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like First Security Bank-Sleepy Eye 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.

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