Getting an SBA Loan for General Automotive Repair

Looking for commercial loans for general automotive repair? Talk to a banker who works with the SBA. This $104,258 general automotive repair loan was issued by a Virginia bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Petersburg, Virginia was able to borrow $104,258 from Bank Of Mckenney. The SBA made the loan possible by guaranteeing $78,194 of this Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
PETERSBURG, VA 23803

SBA Loan Lender

BANK OF MCKENNEY
13812 BOYDTON PLANK RD
DINWIDDIE, VA 23841

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This small business 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

2/3/2000

Loan Approval Gross Amount

$104,258

Loan Approval from the SBA

Of the total $104,258 loan amount, the SBA guaranteed $78,194.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. The loan application did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bank Of Mckenney that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Small Business Loan

SBA Banks in Dinwiddie, Virginia

SBA Lenders in Virginia