Get an SBA Loan 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 $18,000 was given to a Michigan entrepreneur in 2002.

Getting a small business loan in Sault Ste. Marie, Michigan was important for this growing firm back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Central Savings Bank, operating out of Sault Sainte Marie, Michigan. Here are the details on this Michigan small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
SAULT STE. MARIE, MI 49783

SBA Loan Lender

CENTRAL SAVINGS BANK
511 BINGHAM AVE
SAULT SAINTE MARIE, MI 49783

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7538 - General Automotive Repair Shops

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

9/20/2002

Loan Approval Gross Amount

$18,000

Loan Approval from the SBA

Of the total $18,000 loan amount, the SBA guaranteed $15,300.

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 did not indicate that the company promised to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans provide smart, affordable business financing for small businesses looking to expand.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Central Savings Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Central Savings Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Getting a Small Business Loan

Small Business Banks in Sault Sainte Marie, Michigan

Getting a Business Loan in Michigan