Financing for General Automotive Repair

With these commercial loans for general automotive repair, the SBA guarantees the lender that the loan will be repaid. This general automotive repair loan for $16,200 was given to a Kentucky entrepreneur in 2000.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Mount Sterling, Kentucky was able to borrow $16,200 from Commonwealth Bank, F.S.B.. The SBA made the loan possible by guaranteeing $12,960 of this Kentucky small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
MOUNT STERLING, KY 40353

SBA Loan Lender

COMMONWEALTH BANK, F.S.B.
35 S BANK ST
MOUNT STERLING, KY 40353

This lender issued this particular commercial loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

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

12/13/2000

Loan Approval Gross Amount

$16,200

Loan Approval from the SBA

Of the total $16,200 loan amount, the SBA guaranteed $12,960.

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 2 employees. The SBA loan documents did not indicate that the business planned to use the money to add employees or retain any existing employees.

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

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Small Business Loan

SBA Approved Banks in Mount Sterling, Kentucky

SBA Participating Banks in Kentucky