Car Washes Bank Loans

With these bank loans for car washes, the SBA guarantees the lender that the loan will be repaid. This car washes loan for $376,000 was given to a Mississippi entrepreneur in 2007.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Laurel, Mississippi was able to borrow $376,000 from Community Bank, Ellisville. The SBA made the loan possible by guaranteeing $282,000 of this Mississippi small business loan.

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
LAUREL, MS 39440

SBA Loan Lender

COMMUNITY BANK, ELLISVILLE
9TH ST & 16TH AVE
LAUREL, MS 39440

This lender issued this SBA business loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811192 - Car Washes

Loan Approval Date

2/22/2007

Loan Approval Gross Amount

$376,000

Loan Approval from the SBA

Of the total $376,000 loan amount, the SBA guaranteed $282,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 5 employees. The SBA loan application for the borrower indicated that the loan would help generate 5 new jobs.

Next Steps for Getting an SBA Loan

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

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Community Bank, Ellisville so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Dealing With Venture Capitalists

SBA Participating Banks in Laurel, Mississippi

Mississippi SBA 7A Banks