Borrowing Money for Car Washes

With these small business loans for car washes, the SBA guarantees the lender that the loan will be repaid. This car washes loan for $1,089,000 was given to a Florida entrepreneur in 2005.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Pensacola, Florida was able to borrow $1,089,000 from Banco Popular North America. The SBA made the loan possible by guaranteeing $816,750 of this Florida small business loan.

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
PENSACOLA, FL 32507

SBA Loan Lender

BANCO POPULAR NORTH AMERICA
7 W 51ST ST, BETWEEN 5TH & 6T
NEW YORK CITY, NY 10019

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811192 - Car Washes

Loan Approval Date

9/28/2005

Loan Approval Gross Amount

$1,089,000

Loan Approval from the SBA

Of the total $1,089,000 loan amount, the SBA guaranteed $816,750.

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 16 employees. This SBA loan request indicated that the loan would help retain 16 existing jobs.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Banco Popular North America and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

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Where to Get an SBA Loan New York