Commercial Loans for Automotive Glass Replacement Shops

Looking for commercial loans for automotive glass replacement shops? An SBA loan may be just what you've been looking for. This $280,000 automotive glass replacement shops loan was issued by a Michigan bank.

This business knew how to go about getting a business bank loan. Based in Detroit, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Fifth Third Bank, based in Grand Rapids, Michigan.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE GLASS REPLACEMENT SHOPS
DETROIT, MI 48208

SBA Loan Lender

FIFTH THIRD BANK
111 LYON ST NW
GRAND RAPIDS, MI 49503

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide commercial loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811122 - Automotive Glass Replacement Shops

Loan Approval Date

11/1/2005

Loan Approval Gross Amount

$280,000

Loan Approval from the SBA

Of the total $280,000 loan amount, the SBA guaranteed $210,000.

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 5 employees. This SBA loan request did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Fifth Third Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Business Credit Evaluation

SBA Participating Banks in Grand Rapids, Michigan

SBA Participating Banks in Michigan