Commercial Loans for Automotive Transmission Repair

Looking for commercial loans for automotive transmission repair? The SBA may be the answer. This $111,500 automotive transmission repair loan was issued by a New Mexico bank.

This small business received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with The First National Bank, out of Hobbs, New Mexico. The loan was granted and they received $111,500 to help grow their Hobbs, New Mexico business.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE TRANSMISSION REPAIR
HOBBS, NM 88240

SBA Loan Lender

THE FIRST NATIONAL BANK
600 W BENDER
HOBBS, NM 88240

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

811113 - Automotive Transmission Repair

Loan Approval Date

10/17/2002

Loan Approval Gross Amount

$111,500

Loan Approval from the SBA

Of the total $111,500 loan amount, the SBA guaranteed $94,775.

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 3 employees. This SBA loan request did not indicate that the SBA funding recipient 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?

Every year, the SBA guarantees over $10 billion for loans just like this one.

We can help you find the best banks for small businesses in Hobbs or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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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