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 $1,027,600 was given to an Ohio entrepreneur in 2005.

This company received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Jpmorgan Chase Bank, out of Houston, Texas. The loan was granted and they received $1,027,600 to help grow their Powell, Ohio business.

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
POWELL, OH 43065

SBA Loan Lender

JPMORGAN CHASE BANK
811 RUSK ST., 16TH FL
HOUSTON, TX 77002

This lender provides SBA commercial loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811192 - Car Washes

Loan Approval Date

6/16/2005

Loan Approval Gross Amount

$1,027,600

Loan Approval from the SBA

Of the total $1,027,600 loan amount, the SBA guaranteed $770,700.

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 2 employees. This SBA loan request indicated that the loan would help generate 1 new job and retain 1 existing job.

Getting an SBA Loan For Your Business

Every year, the SBA guarantees over $10 billion for loans just like this one.

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.

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