Financing for General Automotive Repair
With these loans for general automotive repair, the SBA guarantees the lender that the loan will be repaid. This general automotive repair loan for $100,000 was given to a Missouri entrepreneur in 2005.
Getting a small business loan in Springfield, Missouri was important for this growing firm back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Great Southern Bank, operating out of Reeds Spring, Missouri. Here are the details on this Missouri small business loan.
SBA Loan Borrower
COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
SPRINGFIELD, MO 65807
SBA Loan Lender
GREAT SOUTHERN BANK
14309 HWY 13
REEDS SPRING, MO 65737
This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.
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
3/9/2005
Loan Approval Gross Amount
$100,000
Loan Approval from the SBA
Of the total $100,000 loan amount, the SBA guaranteed $85,000.
More Information on This SBA Loan
The borrower borrowed this money for an existing 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. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees.
Getting an SBA Loan For Your Business
Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.
If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Great Southern Bank 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:
Dealing With Venture Capitalists
SBA 7A Lenders in Reeds Spring, Missouri
SBA Participating Banks in Missouri