How to Get a Loan for Automotive Repair and Maintenance

With these business loans for automotive repair and maintenance, the SBA guarantees the lender that the loan will be repaid. This automotive repair and maintenance loan for $70,000 was given to a New Hampshire entrepreneur in 2001.

This small business knew how to go about getting a business bank loan. Based in Hampton (census Name For Hampt, New Hampshire, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Ocean Bank, based in Keene, New Hampshire.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE REPAIR AND MAINTENANCE
HAMPTON (CENSUS NAME FOR HAMPT, NH 03842

SBA Loan Lender

OCEAN BANK
122 WEST ST
KEENE, NH 03431

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

811198 - Automotive Repair and Maintenance

Loan Approval Date

12/11/2001

Loan Approval Gross Amount

$70,000

Loan Approval from the SBA

Of the total $70,000 loan amount, the SBA guaranteed $35,000.

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 4 employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 4 existing jobs.

Getting an SBA Loan For Your Business

SBA loans provide smart, affordable business financing for small businesses looking to expand.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Ocean Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Microlending as a Small Business Funding Source

Best Banks for Small Business in Keene, New Hampshire

SBA Lenders in New Hampshire