Business Loans for General Automotive Repair

Looking for business loans for general automotive repair? An SBA loan may be just what you've been looking for. This $71,379 general automotive repair loan was issued by a Minnesota bank.

This business received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Home Savings Of America, out of Little Falls, Minnesota. The loan was granted and they received $71,379 to help grow their Little Falls, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
LITTLE FALLS, MN 56345

SBA Loan Lender

HOME SAVINGS OF AMERICA
35 E BROADWAY
LITTLE FALLS, MN 56345

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

2/23/2004

Loan Approval Gross Amount

$71,379

Loan Approval from the SBA

Of the total $71,379 loan amount, the SBA guaranteed $60,672.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Home Savings Of America had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Home Savings Of America 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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SBA 7A Banks in Little Falls, Minnesota

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