How to Get a Loan for Motor Vehicle Towing

With these SBA loans for motor vehicle towing, the SBA guarantees the lender that the loan will be repaid. This motor vehicle towing loan for $572,000 was given to a Louisiana entrepreneur in 2003.

This small business knew how to go about getting a business bank loan. Based in Lafayette, Louisiana, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Source Business & Indust Devel Cor, based in Baton Rouge, Louisiana.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE TOWING
LAFAYETTE, LA 70508

SBA Loan Lender

SOURCE BUSINESS & INDUST DEVEL COR
9400 OLD HAMMOND HIGHWAY,
BATON ROUGE, LA 70809

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This commercial loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

488410 - Motor Vehicle Towing

Loan Approval Date

3/14/2003

Loan Approval Gross Amount

$572,000

Loan Approval from the SBA

Of the total $572,000 loan amount, the SBA guaranteed $429,000.

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 11 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

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 Source Business & Indust Devel Cor 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:

Obtaining Funding - How to Decide How Much to Raise

SBA Approved Banks in Baton Rouge, Louisiana

Getting a Business Loan in Louisiana