Where to Get Capital for General Automotive Repair

With these small business loans for general automotive repair, the SBA guarantees the lender that the loan will be repaid. This general automotive repair loan for $148,180 was given to a New Mexico entrepreneur in 2005.

Getting a small business loan in San Jon, New Mexico was important for this company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Western Bank Of Clovis, operating out of Clovis, New Mexico. Here are the details on this New Mexico small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
SAN JON, NM 88434

SBA Loan Lender

WESTERN BANK OF CLOVIS
901 PILE ST
CLOVIS, NM 88101

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide 7A business loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

9/1/2005

Loan Approval Gross Amount

$148,180

Loan Approval from the SBA

Of the total $148,180 loan amount, the SBA guaranteed $111,135.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 23 employees. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Although it's called an SBA loan, you 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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Western Bank Of Clovis 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.

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