Where to Get Capital for General Automotive Repair

Looking for small business loans for general automotive repair? An SBA loan may be just what you've been looking for. This $62,000 general automotive repair loan was issued by an Iowa bank.

This company knew how to go about getting a business bank loan. Based in Manson, Iowa, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Heartland Bank, based in Somers, Iowa.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
MANSON, IA 50563

SBA Loan Lender

HEARTLAND BANK
615 6TH AVE
SOMERS, IA 50586

This loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

1/11/2005

Loan Approval Gross Amount

$62,000

Loan Approval from the SBA

Of the total $62,000 loan amount, the SBA guaranteed $52,700.

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 only one employee. This SBA loan request did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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 - Friends and Family

Banks in Somers, Iowa

SBA Lenders in Iowa