Getting an SBA Loan for Car Washes

Looking for business loans for car washes? Talk to a banker who works with the SBA. This $55,000 car washes loan was issued by an Illinois bank.

This small business received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with The Farmers And Mechanics Bank, out of Galesburg, Illinois. The loan was granted and they received $55,000 to help grow their Peoria, Illinois business.

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
PEORIA, IL 61604

SBA Loan Lender

THE FARMERS AND MECHANICS BANK
21 E MAIN ST
GALESBURG, IL 61401

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.

NAICS Code

811192 - Car Washes

Loan Approval Date

7/19/2004

Loan Approval Gross Amount

$55,000

Loan Approval from the SBA

Of the total $55,000 loan amount, the SBA guaranteed $46,750.

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 only one employee. The SBA loan documents did not indicate that the small business planned to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

This company got an SBA loan. You can too! Maybe you are raising money for operating expenses? Maybe you have a business and need capital to get to the next level? Regardless of why you need money, guaranteed SBA loans may be the right answer for 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.

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