Commercial Loans for Automotive Repair and Maintenance
Looking for commercial loans for automotive repair and maintenance? Try the SBA. This $10,000 automotive repair and maintenance loan was issued by a bank.
This business knew how to go about getting a business bank loan. Based in Carolina, , they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Banco Popular De Puerto Rico, based in San Juan, .
SBA Loan Borrower
COMPANY TYPE: AUTOMOTIVE REPAIR AND MAINTENANCE
CAROLINA, PR 00985
SBA Loan Lender
BANCO POPULAR DE PUERTO RICO
209 MUNOZ RIVERA AVE, POPULAR
SAN JUAN, PR 00918
This SBA business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.
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
811198 - Automotive Repair and Maintenance
Loan Approval Date
7/16/2004
Loan Approval Gross Amount
$10,000
Loan Approval from the SBA
Of the total $10,000 loan amount, the SBA guaranteed $5,000.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 2 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.
Getting an SBA Loan For Your Business
Many small businesses receive loans backed by the U.S. Small Business Administration.
There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.
Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!
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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