Small Business Loans for Automotive Parts and Accessories Stores

With these small business 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 $600,000 was given to an Illinois entrepreneur in 2006.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Chicago, Illinois was able to borrow $600,000 from Fifth Third Bank. The SBA made the loan possible by guaranteeing $450,000 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE PARTS AND ACCESSORIES STORES
Chicago, IL 60639

SBA Loan Lender

FIFTH THIRD BANK
38 FOUNTAIN SQ PLZ
CINCINNATI, OH 45263

This lender provides SBA guaranteed business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441310 - Automotive Parts and Accessories Stores

Loan Approval Date

3/20/2006

Loan Approval Gross Amount

$600,000

Loan Approval from the SBA

Of the total $600,000 loan amount, the SBA guaranteed $450,000.

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 23 employees. The SBA loan documents indicated that the loan would help retain 23 existing jobs.

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.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Fifth Third Bank and they will explain how you can get an SBA loan for your company.

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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