Borrowing Money for General Automotive Repair

With these loans for general automotive repair, the SBA guarantees the lender that the loan will be repaid. This general automotive repair loan for $950,000 was given to an Iowa entrepreneur in 2006.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Cedar Rapids, Iowa was able to borrow $950,000 from Fairfax State Savings Bank. The SBA made the loan possible by guaranteeing $712,500 of this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
CEDAR RAPIDS, IA 52404

SBA Loan Lender

FAIRFAX STATE SAVINGS BANK
409 VANDERBILT
FAIRFAX, IA 52228

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This debt financing was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

4/24/2006

Loan Approval Gross Amount

$950,000

Loan Approval from the SBA

Of the total $950,000 loan amount, the SBA guaranteed $712,500.

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 28 employees. The SBA loan application for the borrower did not indicate that the company promised to use the money to add employees or retain any existing employees.

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.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

How to Raise Money

Best Fairfax, Iowa Banks for Small Business

Where to Get an SBA Loan Iowa