Borrowing Money for General Automotive Repair
Looking for bank loans for general automotive repair? The SBA may be the answer. This $420,300 general automotive repair loan was issued by a New York bank.
This small firm knew how to go about getting a business bank loan. Based in Sanford, Florida, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Banco Popular North America, based in New York City, New York.
SBA Loan Borrower
COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
SANFORD, FL 32771
SBA Loan Lender
BANCO POPULAR NORTH AMERICA
7 W 51ST ST, BETWEEN 5TH & 6T
NEW YORK CITY, NY 10019
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
811111 - General Automotive Repair
Loan Approval Date
4/13/2006
Loan Approval Gross Amount
$420,300
Loan Approval from the SBA
Of the total $420,300 loan amount, the SBA guaranteed $315,225.
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 2 employees. The SBA loan application for the borrower indicated that the loan would help generate 6 new jobs and retain 2 existing jobs.
Great, But How Can I Get an SBA Loan for My Business?
SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.
This company got an SBA loan. You can too! Maybe you need seed money for business? Maybe you want money to buy a franchise? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.
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:
Obtaining Funding - Friends and Family
Where to Get an SBA Loan in New York City, New York
New York SBA 7A Lenders