Getting an SBA Loan for General Automotive Repair
Looking for SBA loans for general automotive repair? The SBA may be the answer. This $156,500 general automotive repair loan was issued by an Alabama bank.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Opelika, Alabama was able to borrow $156,500 from Charterbank. The SBA made the loan possible by guaranteeing $117,375 of this Alabama small business loan.
SBA Loan Borrower
COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
OPELIKA, AL 36801
SBA Loan Lender
CHARTERBANK
3702 PEPPERELL PKWY
OPELIKA, AL 36801
SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan was issued via the SBA 7a lending program.
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
10/30/2000
Loan Approval Gross Amount
$156,500
Loan Approval from the SBA
Of the total $156,500 loan amount, the SBA guaranteed $117,375.
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 3 employees. This SBA loan request did not indicate that the business promised to use the money to add employees or retain any existing employees.
Start the Process for Getting an SBA Loan Today!
SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.
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.
Related Links:
Determining Proper Capital Structure for a Business
SBA Banks in Opelika, Alabama
Getting a Business Loan in Alabama