Deer Park, NY Entrepreneur Gets SBA Loan to Buy King Bear Auto Service Franchise

Borrowing money to invest in a King Bear Auto Service franchise? Banco Popular North America has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Deer Park, New York needed money to invest in a King Bear Auto Service franchise back in 2001. Banco Popular North America issued an SBA franchise loan. Here are the details on this New York small business loan.

SBA Loan Borrower

KING BEAR AUTO SERVICE CENTER
DEER PARK, NY 11729

SBA Loan Lender

BANCO POPULAR NORTH AMERICA
7 W 51ST ST, BETWEEN 5TH & 6T
NEW YORK CITY, NY 10019

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

5/30/2001

Loan Approval Gross Amount

$5,000

Loan Approval from the SBA

Of the total $5,000 loan amount, the SBA guaranteed $2,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a King Bear Auto Service franchise. At the time of the loan, the company had 18 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 18 existing jobs.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Banco Popular North America are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

King Bear Auto Service

Debt Financing

SBA 7A Banks in New York City, New York

Getting an SBA Loan in New York