General Automotive Repair Loans

Looking for loans for general automotive repair? An SBA loan may be just what you've been looking for. This $73,800 general automotive repair loan was issued by a Texas bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Shallowater, Texas was able to borrow $73,800 from First State Bank. The SBA made the loan possible by guaranteeing $62,730 of this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
SHALLOWATER, TX 79363

SBA Loan Lender

FIRST STATE BANK
ONE COMMERCE PARK
SHALLOWATER, TX 79363

This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

7/1/2005

Loan Approval Gross Amount

$73,800

Loan Approval from the SBA

Of the total $73,800 loan amount, the SBA guaranteed $62,730.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a business in Shallowater TX, you ought to talk with a local Shallowater SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Shallowater businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First State Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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