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 $375,000 was given to a Connecticut entrepreneur in 2000.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Milford, Connecticut was able to borrow $375,000 from Business Lenders, LLC. The SBA made the loan possible by guaranteeing $281,250 of this Connecticut small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
MILFORD, CT 06460

SBA Loan Lender

BUSINESS LENDERS, LLC
50 STATE HOUSE SQUARE 5TH FL
HARTFORD, CT 06103

This lender provides SBA guaranteed business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7538 - General Automotive Repair Shops

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

3/21/2000

Loan Approval Gross Amount

$375,000

Loan Approval from the SBA

Of the total $375,000 loan amount, the SBA guaranteed $281,250.

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 10 employees. The loan application indicated that the loan would help generate 3 new jobs and retain 7 existing jobs.

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

If you need business start up money in Milford CT, you ought to talk with a local Milford SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Milford businesses.

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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