General Automotive Repair Business Loans

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 $96,000 was given to an Illinois entrepreneur in 2004.

This small business knew how to go about getting a business bank loan. Based in Cary, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Harris National Association, based in Cary, Illinois.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
CARY, IL 60013

SBA Loan Lender

HARRIS NATIONAL ASSOCIATION
122 W MAIN ST
CARY, IL 60013

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

4/27/2004

Loan Approval Gross Amount

$96,000

Loan Approval from the SBA

Of the total $96,000 loan amount, the SBA guaranteed $81,600.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for 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 1 new job and 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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Harris National Association had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Harris National Association made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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