SBA Loans for General Automotive Repair

Looking for SBA loans for general automotive repair? An SBA loan may be just what you've been looking for. This $119,000 general automotive repair loan was issued by an Illinois bank.

This business knew how to go about getting a business bank loan. Based in Mt Morris, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was German-American State Bank, based in German Valley, Illinois.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
MT MORRIS, IL 61054

SBA Loan Lender

GERMAN-AMERICAN STATE BANK
100 CHURCH ST
GERMAN VALLEY, IL 61039

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

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

3/10/2004

Loan Approval Gross Amount

$119,000

Loan Approval from the SBA

Of the total $119,000 loan amount, the SBA guaranteed $101,150.

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 2 employees. This SBA loan request did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

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 $119,000 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.

Related Links:

Direct Public Offerings

Small Bank Loans in German Valley, Illinois

Illinois SBA 7A Lenders