Borrowing Money for General Automotive Repair

Looking for small business loans for general automotive repair? Talk to a banker who works with the SBA. This $328,000 general automotive repair loan was issued by a North Carolina bank.

Getting a small business loan in Lake Ridge, Virginia was important for this company back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Wachovia Bank, operating out of Charlotte, North Carolina. Here are the details on this Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
Lake Ridge, VA 22192

SBA Loan Lender

WACHOVIA BANK
301 S COLLEGE ST MAIN LOBBY
CHARLOTTE, NC 28202

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

8/24/2006

Loan Approval Gross Amount

$328,000

Loan Approval from the SBA

Of the total $328,000 loan amount, the SBA guaranteed $164,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 5 employees. The loan application indicated that the loan would help generate 3 new jobs and retain 5 existing jobs.

Getting an SBA Loan For Your Business

If you want money for new small business in Lake Ridge VA, you ought to talk with a local Lake Ridge SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Lake Ridge businesses.

This SBA loan was for $328,000. How would you spend $328,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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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