Raising Money for Motor Vehicle Towing

Looking for business loans for motor vehicle towing? An SBA loan may be just what you've been looking for. This $84,700 motor vehicle towing loan was issued by a Texas bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Lubbock, Texas was able to borrow $84,700 from American Bank Of Commerce. The SBA made the loan possible by guaranteeing $71,995 of this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE TOWING
LUBBOCK, TX 79408

SBA Loan Lender

AMERICAN BANK OF COMMERCE
3721 50TH ST
LUBBOCK, TX 79413

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

488410 - Motor Vehicle Towing

Loan Approval Date

7/3/2001

Loan Approval Gross Amount

$84,700

Loan Approval from the SBA

Of the total $84,700 loan amount, the SBA guaranteed $71,995.

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 6 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like American Bank Of Commerce are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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