Financing for General Automotive Repair

Looking for commercial loans for general automotive repair? An SBA loan may be just what you've been looking for. This $35,000 general automotive repair loan was issued by an Illinois bank.

This business knew how to go about getting a business bank loan. Based in Libertyville, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Associated Bank, based in Waukegan, Illinois.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
LIBERTYVILLE, IL 60048

SBA Loan Lender

ASSOCIATED BANK
1 S GENESSEE ST
WAUKEGAN, IL 60085

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

7538 - General Automotive Repair Shops

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

1/22/2001

Loan Approval Gross Amount

$35,000

Loan Approval from the SBA

Of the total $35,000 loan amount, the SBA guaranteed $29,750.

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 2 employees. The loan application did not indicate that the small business promised to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you need business start up money in Libertyville IL, you ought to talk with a local Libertyville SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Libertyville businesses.

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.

Related Links:

Investor Turnoffs

Where to Get an SBA Loan in Waukegan, Illinois

Getting a Business Loan in Illinois