Borrowing Money for Automotive Parts and Accessories Stores

With these bank loans for automotive parts and accessories stores, the SBA guarantees the lender that the loan will be repaid. This automotive parts and accessories stores loan for $175,000 was given to a Rhode Island entrepreneur in 2001.

This small firm knew how to go about getting a business bank loan. Based in Central Falls, Rhode Island, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Webster Bank, based in Pawtucket, Rhode Island.

SBA Loan Borrower

COMPANY TYPE: CONSTRUCTION MACHINERY AND EQUIPMENT
CENTRAL FALLS, RI 02863

SBA Loan Lender

WEBSTER BANK
265 NEWPORT AVE
PAWTUCKET, RI 02861

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.

SIC Code

3531 - Construction Machinery and Equipment

NAICS Code

441310 - Automotive Parts and Accessories Stores

Loan Approval Date

1/31/2001

Loan Approval Gross Amount

$175,000

Loan Approval from the SBA

Of the total $175,000 loan amount, the SBA guaranteed $131,250.

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 6 employees. This SBA loan request did not indicate that the business planned to use the funding to hire new 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.

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