Getting an SBA Loan for General Automotive Repair

Looking for business loans for general automotive repair? The SBA may be the answer. This $13,053 general automotive repair loan was issued by an Oklahoma bank.

Getting a small business loan in Cherokee, Oklahoma was important for this business back in 2000 and, based on their loan application, they were successful in getting an SBA loan from Farmers Exchange Bank, operating out of Cherokee, Oklahoma. Here are the details on this Oklahoma small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
CHEROKEE, OK 73728

SBA Loan Lender

FARMERS EXCHANGE BANK
419 S GRAND
CHEROKEE, OK 73728

This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7538 - General Automotive Repair Shops

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

8/4/2000

Loan Approval Gross Amount

$13,053

Loan Approval from the SBA

Of the total $13,053 loan amount, the SBA guaranteed $10,442.

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 only one employee. The loan application did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

We can help you find the best banks for small businesses in Cherokee or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Business Cash Advances

SBA Participating Banks in Cherokee, Oklahoma

Oklahoma SBA Banks