Getting an SBA Loan for General Automotive Repair

Looking for SBA loans for general automotive repair? Try the SBA. This $49,600 general automotive repair loan was issued by a South Dakota bank.

This business knew how to go about getting a business bank loan. Based in Sioux Falls, South Dakota, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was Great Western Bank, based in Sioux Falls, South Dakota.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
SIOUX FALLS, SD 57108

SBA Loan Lender

GREAT WESTERN BANK
100 N PHILLIPS
SIOUX FALLS, SD 57101

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

2/14/2000

Loan Approval Gross Amount

$49,600

Loan Approval from the SBA

Of the total $49,600 loan amount, the SBA guaranteed $39,680.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

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

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

SBIR Funding

Banks in Sioux Falls, South Dakota

SBA South Dakota Lenders