Getting an SBA Loan for Automotive Body, Paint, and Interior Repair and Maintenance

Looking for SBA loans for automotive body, paint, and interior repair and maintenance? An SBA loan may be just what you've been looking for. This $613,500 automotive body, paint, and interior repair and maintenance loan was issued by a North Carolina bank.

This small business received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Branch Bank & Trust, out of Winston Salem, North Carolina. The loan was granted and they received $613,500 to help grow their Fredericksburg, Virginia business.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE BODY, PAINT, AND INTERIOR REPAIR AND MAINTENANCE
FREDERICKSBURG, VA 22405

SBA Loan Lender

BRANCH BANK & TRUST
200 W 2ND ST
WINSTON SALEM, NC 27101

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

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

Loan Approval Date

11/7/2005

Loan Approval Gross Amount

$613,500

Loan Approval from the SBA

Of the total $613,500 loan amount, the SBA guaranteed $460,125.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 9 employees. The SBA loan application for the borrower indicated that the loan would help generate 3 new jobs and retain 9 existing jobs.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $613,500 loan. Remember, feel the fear, and do it anyway.

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:

Angel Investors

SBA Banks in Winston Salem, North Carolina

SBA Participating Banks in North Carolina