Getting an SBA Loan for Automotive Transmission Repair

With these SBA loans for automotive transmission repair, the SBA guarantees the lender that the loan will be repaid. This automotive transmission repair loan for $94,800 was given to a Texas entrepreneur in 2001.

This business knew how to go about getting a business bank loan. Based in Plainview, Texas, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was State National Bank, based in Plainview, Texas.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE TRANSMISSION REPAIR SHOPS
PLAINVIEW, TX 79072

SBA Loan Lender

STATE NATIONAL BANK
2804 OLTON RD
PLAINVIEW, TX 79072

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7537 - Automotive Transmission Repair Shops

NAICS Code

811113 - Automotive Transmission Repair

Loan Approval Date

3/14/2001

Loan Approval Gross Amount

$94,800

Loan Approval from the SBA

Of the total $94,800 loan amount, the SBA guaranteed $80,580.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. The loan application did not indicate that the small business planned to use the loan proceeds to hire new employees or retain any existing employees.

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.

We can help you find the best banks for small businesses in Plainview or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Role of Business Plan When Raising Money

Small Bank Loans in Plainview, Texas

Getting an SBA Loan in Texas