Borrowing Money for Car Washes

With these bank loans for car washes, the SBA guarantees the lender that the loan will be repaid. This car washes loan for $20,000 was given to a Michigan entrepreneur in 2007.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Muskegon, Michigan was able to borrow $20,000 from Community Shores Bank. The SBA made the loan possible by guaranteeing $10,000 of this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
MUSKEGON, MI 49441

SBA Loan Lender

COMMUNITY SHORES BANK
1030 W NORTON AVE
MUSKEGON, MI 49441

This lender processed this business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

811192 - Car Washes

Loan Approval Date

3/8/2007

Loan Approval Gross Amount

$20,000

Loan Approval from the SBA

Of the total $20,000 loan amount, the SBA guaranteed $10,000.

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 30 employees. This SBA loan request indicated that the loan would help retain 30 existing jobs.

Next Steps for Getting an SBA Loan

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

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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:

Realistic Debt Financing Options

SBA Banks in Muskegon, Michigan

Browse All Business Loan Sources for Michigan