SBA Loans for General Automotive Repair

With these SBA loans for general automotive repair, the SBA guarantees the lender that the loan will be repaid. This general automotive repair loan for $72,000 was given to an Iowa entrepreneur in 2001.

This small business received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with State Central Bank, out of Keokuk, Iowa. The loan was granted and they received $72,000 to help grow their Keokuk, Iowa business.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE REPAIR SHOPS
KEOKUK, IA 52632

SBA Loan Lender

STATE CENTRAL BANK
601 MAIN ST
KEOKUK, IA 52632

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7539 - Automotive Repair Shops

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

1/29/2001

Loan Approval Gross Amount

$72,000

Loan Approval from the SBA

Of the total $72,000 loan amount, the SBA guaranteed $61,200.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

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

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. State Central Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, State Central Bank 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.

Related Links:

VC Firms on Twitter

Small Business Banks in Keokuk, Iowa

SBA Participating Banks in Iowa