Automotive Parts and Accessories Stores Small Business Loans

Looking for small business loans for automotive parts and accessories stores? Try the SBA. This $67,500 automotive parts and accessories stores loan was issued by a Michigan bank.

Getting a small business loan in Crystal Falls, Michigan was important for this growing firm back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Range Bank, operating out of Negaunee, Michigan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE PARTS AND ACCESSORIES STORES
CRYSTAL FALLS, MI 49920

SBA Loan Lender

RANGE BANK
350 IRON ST
NEGAUNEE, MI 49866

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.

NAICS Code

441310 - Automotive Parts and Accessories Stores

Loan Approval Date

12/14/2004

Loan Approval Gross Amount

$67,500

Loan Approval from the SBA

Of the total $67,500 loan amount, the SBA guaranteed $57,375.

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 3 employees. The loan application did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications 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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