Business Loans for Automotive Repair and Maintenance
Looking for business loans for automotive repair and maintenance? An SBA loan may be just what you've been looking for. This $145,500 automotive repair and maintenance loan was issued by a New Jersey bank.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Marstons Mills, Massachusetts was able to borrow $145,500 from Cit Small Business Lending Corp. The SBA made the loan possible by guaranteeing $123,675 of this Massachusetts small business loan.
SBA Loan Borrower
COMPANY TYPE: AUTOMOTIVE REPAIR AND MAINTENANCE
MARSTONS MILLS, MA 02648
SBA Loan Lender
CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039
This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
811198 - Automotive Repair and Maintenance
Loan Approval Date
9/15/2005
Loan Approval Gross Amount
$145,500
Loan Approval from the SBA
Of the total $145,500 loan amount, the SBA guaranteed $123,675.
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 4 employees. This SBA loan request indicated that the loan would help retain 4 existing jobs.
Next Steps for Getting an SBA Loan
SBA loans provide money to small business owners for working capital for other expenses.
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.
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