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 $30,000 was given to a entrepreneur in 2001.

This company received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Economic Devel Bank For Puerto R, out of San Juan, . The loan was granted and they received $30,000 to help grow their Cidra, business.

SBA Loan Borrower

COMPANY TYPE: AUTO AND HOME SUPPLY STORES
CIDRA, PR 00739

SBA Loan Lender

ECONOMIC DEVEL BANK FOR PUERTO R
638 ALDEBARAN ST, RIO PIEDRAS
SAN JUAN, PR 00920

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5531 - Auto and Home Supply Stores

NAICS Code

441310 - Automotive Parts and Accessories Stores

Loan Approval Date

6/14/2001

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $25,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Economic Devel Bank For Puerto R that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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