Raising Money for General Automotive Repair

With these business loans for general automotive repair, the SBA guarantees the lender that the loan will be repaid. This general automotive repair loan for $44,500 was given to an Idaho entrepreneur in 2002.

This small business knew how to go about getting a business bank loan. Based in Mountain Home, Idaho, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was D. L. Evans Bank, based in Boise, Idaho.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
MOUNTAIN HOME, ID 83647

SBA Loan Lender

D. L. EVANS BANK
3845 SW STATE ST
BOISE, ID 83703

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with getting a 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. 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.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

2/28/2002

Loan Approval Gross Amount

$44,500

Loan Approval from the SBA

Of the total $44,500 loan amount, the SBA guaranteed $37,825.

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 loan application did not indicate that the business planned to use the funding to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you have been wondering how do i get money to start a business in Mountain Home ID, you ought to talk with a local Mountain Home SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Mountain Home 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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