Financing for Automobile Driving Schools

With these loans for automobile driving schools, the SBA guarantees the lender that the loan will be repaid. This automobile driving schools loan for $50,000 was given to a Washington entrepreneur in 2007.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Federal Way, Washington was able to borrow $50,000 from Bank Of America. The SBA made the loan possible by guaranteeing $42,500 of this Washington small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTOMOBILE DRIVING SCHOOLS
FEDERAL WAY, WA 98003

SBA Loan Lender

BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255

This SBA loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

611692 - Automobile Driving Schools

Loan Approval Date

11/21/2007

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

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 2 employees. The SBA loan documents indicated that the loan would help generate 3 new jobs and retain 2 existing jobs.

Getting an SBA Loan For Your Business

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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.

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Getting an SBA Loan in North Carolina