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November 16, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > New York, Business Loans > Business Loan Center, LLC New York Business Loans > Automotive Oil Change And Lubrication Shops Loan | ||||
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How to Get SBA Loans in Cedar Hill, Texas
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Getting an SBA Loan for Automotive Oil Change and Lubrication ShopsLooking for business loans for automotive oil change and lubrication shops? The SBA may be the answer. This $1,434,500 automotive oil change and lubrication shops loan was issued by a New York bank. This business knew how to go about getting a business bank loan. Based in Cedar Hill, Texas, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Business Loan Center, LLC, based in New York, New York. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE OIL CHANGE AND LUBRICATION SHOPS SBA Loan Lender BUSINESS LOAN CENTER, LLC 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 811191 - Automotive Oil Change and Lubrication Shops Loan Approval Date 1/25/2006 Loan Approval Gross Amount $1,434,500 Loan Approval from the SBA Of the total $1,434,500 loan amount, the SBA guaranteed $1,075,875. 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 5 employees. The loan application indicated that the loan would help retain 5 existing jobs. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. 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. Related Links: Good Banks for Small Business in New York, New York Find an SBA Lender in New York
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