Small Business Loans for General Automotive Repair

With these small business loans for general automotive repair, the SBA guarantees the lender that the loan will be repaid. This general automotive repair loan for $96,950 was given to an Illinois entrepreneur in 2004.

This company received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Home St. Bank/natl Association, out of Crystal Lake, Illinois. The loan was granted and they received $96,950 to help grow their Mchenry, Illinois business.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
MCHENRY, IL 60050

SBA Loan Lender

HOME ST. BANK/NATL ASSOCIATION
40 GRANT ST
CRYSTAL LAKE, IL 60014

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

6/23/2004

Loan Approval Gross Amount

$96,950

Loan Approval from the SBA

Of the total $96,950 loan amount, the SBA guaranteed $82,407.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

This SBA loan was for $96,950. How would you spend $96,950 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.

Related Links:

Obtaining Funding - Friends and Family

Find an SBA Lender in Crystal Lake, Illinois

Where to Get an SBA Loan Illinois