Financing for Motor Vehicle Electrical and Electronic Equipment Manufacturing

Looking for commercial loans for motor vehicle electrical and electronic equipment manufacturing? The SBA may be the answer. This $65,000 motor vehicle electrical and electronic equipment manufacturing loan was issued by a Florida bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Miami, Florida was able to borrow $65,000 from Ocean Bank. The SBA made the loan possible by guaranteeing $55,250 of this Florida small business loan.

SBA Loan Borrower

COMPANY TYPE: INTERNAL COMBUSTION ENGINE ELECTRICAL EQUIPMENT
MIAMI, FL 33186

SBA Loan Lender

OCEAN BANK
780 NW 42ND AVE
MIAMI, FL 33126

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3694 - Internal Combustion Engine Electrical Equipment

NAICS Code

336322 - Motor Vehicle Electrical and Electronic Equipment Manufacturing

Loan Approval Date

8/25/2003

Loan Approval Gross Amount

$65,000

Loan Approval from the SBA

Of the total $65,000 loan amount, the SBA guaranteed $55,250.

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 40 employees. The loan application did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $65,000 loan. Remember, anyone can do it... so why not you?

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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