Automotive Body, Paint, and Interior Repair and Maintenance Small Business Loans

With these small business loans for automotive body, paint, and interior repair and maintenance, the SBA guarantees the lender that the loan will be repaid. This automotive body, paint, and interior repair and maintenance loan for $11,500 was given to a New Mexico entrepreneur in 2005.

This small firm received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Bank Of America, out of Charlotte, North Carolina. The loan was granted and they received $11,500 to help grow their Farmington, New Mexico business.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE BODY, PAINT, AND INTERIOR REPAIR AND MAINTENANCE
FARMINGTON, NM 87401

SBA Loan Lender

BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255

The lender provided this commercial loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

811121 - Automotive Body, Paint, and Interior Repair and Maintenance

Loan Approval Date

5/24/2005

Loan Approval Gross Amount

$11,500

Loan Approval from the SBA

Of the total $11,500 loan amount, the SBA guaranteed $5,750.

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 retain 2 existing jobs.

Next Steps for Getting an SBA Loan

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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Bank Of America had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Bank Of America made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Role of Business Plan When Raising Money

Best Charlotte, North Carolina Banks for Small Business

SBA Lenders in North Carolina