Where to Get Capital for Automotive Oil Change and Lubrication Shops

Looking for small business loans for automotive oil change and lubrication shops? An SBA loan may be just what you've been looking for. This $113,500 automotive oil change and lubrication shops loan was issued by an Illinois bank.

This small firm received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Shorebank, out of Chicago, Illinois. The loan was granted and they received $113,500 to help grow their Chicago, Illinois business.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE SERVICES
CHICAGO, IL 60639

SBA Loan Lender

SHOREBANK
7054 S JEFFREY AVE
CHICAGO, IL 60649

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with getting a 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. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7549 - Automotive Services

NAICS Code

811191 - Automotive Oil Change and Lubrication Shops

Loan Approval Date

10/3/2002

Loan Approval Gross Amount

$113,500

Loan Approval from the SBA

Of the total $113,500 loan amount, the SBA guaranteed $96,475.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 4 employees. The loan application did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Shorebank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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