Financing for Automotive Mechanical and Electrical Repair and Maintenance

Looking for loans for automotive mechanical and electrical repair and maintenance? Try the SBA. This $132,000 automotive mechanical and electrical repair and maintenance loan was issued by a Louisiana bank.

Getting a small business loan in Lafayette, Louisiana was important for this company back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Rayne St. Bank & Trust, operating out of Rayne, Louisiana. Here are the details on this Louisiana small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE MECHANICAL AND ELECTRICAL REPAIR AND MAINTENANCE
LAFAYETTE, LA 70506

SBA Loan Lender

RAYNE ST. BANK & TRUST
200 S ADAMS AVE
RAYNE, LA 70578

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811118 - Automotive Mechanical and Electrical Repair and Maintenance

Loan Approval Date

6/22/2004

Loan Approval Gross Amount

$132,000

Loan Approval from the SBA

Of the total $132,000 loan amount, the SBA guaranteed $112,200.

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 loan application did not indicate that the business promised to use the funding to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My 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. Rayne St. Bank & Trust had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Rayne St. Bank & Trust 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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