Small Business Loans for Automotive Transmission Repair
Looking for small business loans for automotive transmission repair? The SBA may be the answer. This $150,000 automotive transmission repair loan was issued by an Arkansas bank.
This company received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with First State Bank, out of Conway, Arkansas. The loan was granted and they received $150,000 to help grow their Conway, Arkansas business.
SBA Loan Borrower
COMPANY TYPE: AUTOMOTIVE TRANSMISSION REPAIR
CONWAY, AR 72032
SBA Loan Lender
FIRST STATE BANK
620 CHESTNUT ST
CONWAY, AR 72032
This lender issued this particular business 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
811113 - Automotive Transmission Repair
Loan Approval Date
6/14/2004
Loan Approval Gross Amount
$150,000
Loan Approval from the SBA
Of the total $150,000 loan amount, the SBA guaranteed $127,500.
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 5 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.
Getting an SBA Loan For Your Business
For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.
There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.
Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!
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:
Direct Public Offerings
SBA 7A Banks in Conway, Arkansas
SBA Lenders in Arkansas