Borrowing Money for Car Washes
With these loans for car washes, the SBA guarantees the lender that the loan will be repaid. This car washes loan for $650,000 was given to a Pennsylvania entrepreneur in 2005.
This small firm knew how to go about getting a business bank loan. Based in East Stroudsburg, Pennsylvania, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Temecula Valley Bank, based in Temecula, California.
SBA Loan Borrower
COMPANY TYPE: CAR WASHES
EAST STROUDSBURG, PA 18301
SBA Loan Lender
TEMECULA VALLEY BANK
27710 JEFFERSON AVE, A-100
TEMECULA, CA 92590
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
811192 - Car Washes
Loan Approval Date
1/18/2005
Loan Approval Gross Amount
$650,000
Loan Approval from the SBA
Of the total $650,000 loan amount, the SBA guaranteed $487,500.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company
had 2 employees. The SBA loan application for the borrower indicated that the loan would help generate 4 new jobs and retain 4 existing jobs.
Start the Process for Getting an SBA Loan Today!
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.
Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $650,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?
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:
Determining Proper Capital Structure for a Business
Small Business Banks in Temecula, California
SBA Lenders in California