Business Loan from Borrego Springs Bank Given to Automotive Services Company

An SBA loan from Borrego Springs Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Greenville, Mississippi business owner got a $262,000 loan.

Getting a small business loan in Greenville, Mississippi was an essential business goal for this company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Borrego Springs Bank, operating out of Borrego Springs, California. Here are the details on this Mississippi small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE SERVICES
GREENVILLE, MS 38703

SBA Loan Lender

BORREGO SPRINGS BANK
587 PALM CANYON DR, STE 101
BORREGO SPRINGS, CA 92004

This lender issued this SBA loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7549 - Automotive Services

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

2/27/2002

Loan Approval Gross Amount

$262,000

Loan Approval from the SBA

Of the total $262,000 loan amount, the SBA guaranteed $196,500.

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 10 employees. The loan application did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans provide money to small business owners for working capital for other expenses.

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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