Financing for Automotive Oil Change and Lubrication Shops
Looking for commercial loans for automotive oil change and lubrication shops? Try the SBA. This $10,500 automotive oil change and lubrication shops loan was issued by a North Carolina bank.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Panorama City, California was able to borrow $10,500 from Bank Of America. The SBA made the loan possible by guaranteeing $5,250 of this California small business loan.
SBA Loan Borrower
COMPANY TYPE: AUTOMOTIVE OIL CHANGE AND LUBRICATION SHOPS
PANORAMA CITY, CA 91402
SBA Loan Lender
BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255
The lender provided this SBA small business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.
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
811191 - Automotive Oil Change and Lubrication Shops
Loan Approval Date
7/2/2004
Loan Approval Gross Amount
$10,500
Loan Approval from the SBA
Of the total $10,500 loan amount, the SBA guaranteed $5,250.
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 only one employee. The SBA loan documents indicated that the loan would help retain 1 existing job.
Next Steps for Getting an SBA Loan
If you need business start up money in Panorama City CA, you ought to talk with a local Panorama City SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Panorama City 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.
Related Links:
The Friends and Family Network
Who Lends Money to Small Businesses in Charlotte, North Carolina
SBA Participating Banks in North Carolina