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December 22, 2024 |
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| Home > Small Business Lenders by State > Kansas Business Loan Sources > Manhattan, Business Loans > Landmark National Bank Manhattan Business Loans > General Automotive Repair Shops Loan | ||||
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Tips for Business Owners On Getting a Loan
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General Automotive Repair Commercial LoansLooking for commercial loans for general automotive repair? Try the SBA. This $88,400 general automotive repair loan was issued by a Kansas bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Manhattan, Kansas was able to borrow $88,400 from Landmark National Bank. The SBA made the loan possible by guaranteeing $70,720 of this Kansas small business loan. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS SBA Loan Lender LANDMARK NATIONAL BANK 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. SIC Code 7538 - General Automotive Repair Shops NAICS Code 811111 - General Automotive Repair Loan Approval Date 3/28/2000 Loan Approval Gross Amount $88,400 Loan Approval from the SBA Of the total $88,400 loan amount, the SBA guaranteed $70,720. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. The loan application did not indicate that the business promised to use the funding to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! 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. 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: Obtaining Funding - How to Borrow Money Where to Get an SBA Loan in Manhattan, Kansas
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