Where to Get Capital for Automotive Mechanical and Electrical Repair and Maintenance

Looking for SBA loans for automotive mechanical and electrical repair and maintenance? The SBA may be the answer. This $50,000 automotive mechanical and electrical repair and maintenance loan was issued by a South Dakota bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Sioux Falls, South Dakota was able to borrow $50,000 from 1st National Bank In Sioux Falls. The SBA made the loan possible by guaranteeing $40,000 of this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE REPAIR SHOPS
SIOUX FALLS, SD 57104

SBA Loan Lender

1ST NATIONAL BANK IN SIOUX FALLS
100 S PHILLIPS AVE
SIOUX FALLS, SD 57104

This lender issued this particular SBA business 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.

SIC Code

7539 - Automotive Repair Shops

NAICS Code

811118 - Automotive Mechanical and Electrical Repair and Maintenance

Loan Approval Date

7/5/2000

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $40,000.

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 4 employees. The SBA loan documents did not indicate that the company planned to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you are working on finding money to start a business in Sioux Falls SD, you ought to talk with a local Sioux Falls SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Sioux Falls businesses.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from 1st National Bank In Sioux Falls so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Business Credit Evaluation

SBA Banks in Sioux Falls, South Dakota

South Dakota SBA Bank Lenders