Bank Loans for General Automotive Repair

Looking for bank loans for general automotive repair? Try the SBA. This $118,800 general automotive repair loan was issued by an Alabama bank.

This small firm knew how to go about getting a business bank loan. Based in Decatur, Alabama, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was Wachovia Bank, based in Decatur, Alabama.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
DECATUR, AL 35601

SBA Loan Lender

WACHOVIA BANK
254 E MOULTON ST
DECATUR, AL 35601

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7538 - General Automotive Repair Shops

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

1/5/2000

Loan Approval Gross Amount

$118,800

Loan Approval from the SBA

Of the total $118,800 loan amount, the SBA guaranteed $89,100.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

We can help you find the best banks for small businesses in Decatur or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Dealing With Venture Capitalists

Best Decatur, Alabama Banks for Small Business

Alabama SBA 7A Lenders