Borrowing Money for General Automotive Repair

Looking for loans for general automotive repair? An SBA loan may be just what you've been looking for. This $46,500 general automotive repair loan was issued by a Minnesota bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Erskine, Minnesota was able to borrow $46,500 from Border State Bank. The SBA made the loan possible by guaranteeing $23,250 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
ERSKINE, MN 56535

SBA Loan Lender

BORDER STATE BANK
133 MAIN ST NORTH
GREENBUSH, MN 56726

This lender processed this SBA loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

4/12/2005

Loan Approval Gross Amount

$46,500

Loan Approval from the SBA

Of the total $46,500 loan amount, the SBA guaranteed $23,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 3 employees. The loan application indicated that the loan would help retain 3 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

We can help you find the best banks for small businesses in Erskine 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:

Direct Public Offerings

Where to Get an SBA Loan in Greenbush, Minnesota

Getting a Business Loan in Minnesota