General Automotive Repair Loans

With these loans for general automotive repair, the SBA guarantees the lender that the loan will be repaid. This general automotive repair loan for $21,500 was given to an Iowa entrepreneur in 2002.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Clear Lake, Iowa was able to borrow $21,500 from Clear Lake Bank & Trust. The SBA made the loan possible by guaranteeing $18,275 of this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
CLEAR LAKE, IA 50428

SBA Loan Lender

CLEAR LAKE BANK & TRUST
322 MAIN AVE
CLEAR LAKE, IA 50428

This lender issued this particular SBA bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

12/6/2002

Loan Approval Gross Amount

$21,500

Loan Approval from the SBA

Of the total $21,500 loan amount, the SBA guaranteed $18,275.

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

Start the Process for Getting an SBA Loan Today!

If you have been wondering how do i get money to start a business in Clear Lake IA, you ought to talk with a local Clear Lake SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Clear Lake businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Clear Lake Bank & Trust had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Clear Lake Bank & Trust made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Role of Business Plan When Raising Money

Best Banks for Small Business in Clear Lake, Iowa

Getting an SBA Loan in Iowa