Getting an SBA Loan for General Automotive Repair

Looking for business loans for general automotive repair? Talk to a banker who works with the SBA. This $212,500 general automotive repair loan was issued by a Wyoming bank.

This small business received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with Sheridan State Bank, out of Sheridan, Wyoming. The loan was granted and they received $212,500 to help grow their Canton, Ohio business.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
CANTON, OH 44706

SBA Loan Lender

SHERIDAN STATE BANK
424 N MAIN ST
SHERIDAN, WY 82801

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

12/31/2007

Loan Approval Gross Amount

$212,500

Loan Approval from the SBA

Of the total $212,500 loan amount, the SBA guaranteed $106,250.

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 indicated that the loan would help retain 1 existing job.

Next Steps for Getting an SBA Loan

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

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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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