Getting an SBA Loan for Car Washes

With these commercial loans for car washes, the SBA guarantees the lender that the loan will be repaid. This car washes loan for $755,000 was given to a Texas entrepreneur in 2006.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Mckinney, Texas was able to borrow $755,000 from Millennium State Bank Of Texas. The SBA made the loan possible by guaranteeing $566,250 of this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
MCKINNEY, TX 75069

SBA Loan Lender

MILLENNIUM STATE BANK OF TEXAS
11950 WEBB CHAPEL RD
DALLAS, TX 75234

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811192 - Car Washes

Loan Approval Date

10/19/2006

Loan Approval Gross Amount

$755,000

Loan Approval from the SBA

Of the total $755,000 loan amount, the SBA guaranteed $566,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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. The SBA loan documents indicated that the loan would help generate 1 new job and retain 1 existing job.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Millennium State Bank Of Texas that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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