How to Get a Loan for Car Washes

Looking for commercial loans for car washes? The SBA may be the answer. This $141,307 car washes loan was issued by a Wisconsin bank.

This business received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with First Banking Center, out of Lake Geneva, Wisconsin. The loan was granted and they received $141,307 to help grow their Lake Geneva, Wisconsin business.

SBA Loan Borrower

COMPANY TYPE: CARWASHES
LAKE GENEVA, WI 53147

SBA Loan Lender

FIRST BANKING CENTER
567 BROAD ST
LAKE GENEVA, WI 53147

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7542 - Carwashes

NAICS Code

811192 - Car Washes

Loan Approval Date

10/23/2001

Loan Approval Gross Amount

$141,307

Loan Approval from the SBA

Of the total $141,307 loan amount, the SBA guaranteed $120,110.

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 5 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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