Getting an SBA Loan for Car Washes

With these SBA loans for car washes, the SBA guarantees the lender that the loan will be repaid. This car washes loan for $1,700,100 was given to a Georgia entrepreneur in 2006.

Getting a small business loan in Richmond Hill, Georgia was important for this business back in 2006 and, based on their loan application, they were successful in getting an SBA loan from First Charter Bank, operating out of Lawrenceville, Georgia. Here are the details on this Georgia small business loan.

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
RICHMOND HILL, GA 31324

SBA Loan Lender

FIRST CHARTER BANK
165 NASH ST
LAWRENCEVILLE, GA 30045

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

9/26/2006

Loan Approval Gross Amount

$1,700,100

Loan Approval from the SBA

Of the total $1,700,100 loan amount, the SBA guaranteed $1,275,075.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 SBA loan documents indicated that the loan would help generate 16 new jobs and retain 18 existing jobs.

Next Steps for Getting an SBA Loan

Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

We can help you find the best banks for small businesses in Richmond Hill 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:

Understanding Dilution

Best Banks for Small Business in Lawrenceville, Georgia

Georgia SBA 7A Banks