Financing for General Automotive Repair

Looking for commercial loans for general automotive repair? Talk to a banker who works with the SBA. This $58,420 general automotive repair loan was issued by a South Carolina bank.

Getting a small business loan in Greenville, South Carolina was important for this small business back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Bank Of Travelers Rest, operating out of Travelers Rest, South Carolina. Here are the details on this South Carolina small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
GREENVILLE, SC 29601

SBA Loan Lender

BANK OF TRAVELERS REST
42 PLAZA DR
TRAVELERS REST, SC 29690

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

4/6/2005

Loan Approval Gross Amount

$58,420

Loan Approval from the SBA

Of the total $58,420 loan amount, the SBA guaranteed $49,657.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 4 employees. The SBA loan documents did not indicate that the business promised to use the funding to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

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 Travelers Rest had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Bank Of Travelers Rest 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.

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