Car Washes Business Loans

With these business loans for car washes, the SBA guarantees the lender that the loan will be repaid. This car washes loan for $90,000 was given to a Minnesota entrepreneur in 2003.

This small business knew how to go about getting a business bank loan. Based in Mankato, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Elysian Bank, based in Elysian, Minnesota.

SBA Loan Borrower

COMPANY TYPE: CARWASHES
MANKATO, MN 56001

SBA Loan Lender

ELYSIAN BANK
121 E MAIN ST
ELYSIAN, MN 56028

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

7542 - Carwashes

NAICS Code

811192 - Car Washes

Loan Approval Date

12/2/2003

Loan Approval Gross Amount

$90,000

Loan Approval from the SBA

Of the total $90,000 loan amount, the SBA guaranteed $76,500.

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 only one employee. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Elysian Bank and they will explain how you can get an SBA loan for your company.

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:

Raising Venture Capital

Who Lends Money to Small Businesses in Elysian, Minnesota

Getting an SBA Loan in Minnesota