Getting an SBA Loan for Automotive Body, Paint, and Interior Repair and Maintenance

Looking for business loans for automotive body, paint, and interior repair and maintenance? Try the SBA. This $24,000 automotive body, paint, and interior repair and maintenance loan was issued by a Minnesota bank.

This small business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Minnwest Bank Central, out of Montevideo, Minnesota. The loan was granted and they received $24,000 to help grow their Montevideo, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: TOP AND BODY REPAIR AND PAINT SHOPS
MONTEVIDEO, MN 56265

SBA Loan Lender

MINNWEST BANK CENTRAL
1404 STATE HWY 7
MONTEVIDEO, MN 56265

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with appliying for an SBA 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. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7532 - Top and Body Repair and Paint Shops

NAICS Code

811121 - Automotive Body, Paint, and Interior Repair and Maintenance

Loan Approval Date

10/18/2000

Loan Approval Gross Amount

$24,000

Loan Approval from the SBA

Of the total $24,000 loan amount, the SBA guaranteed $19,200.

More Information on This SBA Loan

The borrower borrowed this money for a new 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. This SBA loan request did not indicate that the company promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Minnwest Bank Central and they will explain how you can get an SBA loan for your company.

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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