How to Get a Loan for Automotive Mechanical and Electrical Repair and Maintenance

Looking for commercial loans for automotive mechanical and electrical repair and maintenance? Try the SBA. This $120,000 automotive mechanical and electrical repair and maintenance loan was issued by an Arkansas bank.

This small business knew how to go about getting a business bank loan. Based in Cherry Valley, Arkansas, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was Cross County Bank, based in Wynne, Arkansas.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE REPAIR SHOPS
CHERRY VALLEY, AR 72324

SBA Loan Lender

CROSS COUNTY BANK
1 CROSS COUNTY PLZ
WYNNE, AR 72396

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7539 - Automotive Repair Shops

NAICS Code

811118 - Automotive Mechanical and Electrical Repair and Maintenance

Loan Approval Date

7/31/2000

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $90,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower did not indicate that the business promised to use the funding to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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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Business Line of Credit

Best Wynne, Arkansas Banks for Small Business

SBA Lenders in Arkansas