Raising Money for Automotive Parts and Accessories Stores

Looking for bank loans for automotive parts and accessories stores? Try the SBA. This $30,000 automotive parts and accessories stores loan was issued by a Minnesota bank.

This company received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with State Bank Of Kimball, out of Kimball, Minnesota. The loan was granted and they received $30,000 to help grow their St. Cloud, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE PARTS AND ACCESSORIES STORES
ST. CLOUD, MN 56301

SBA Loan Lender

STATE BANK OF KIMBALL
75 N MAIN ST
KIMBALL, MN 55353

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

441310 - Automotive Parts and Accessories Stores

Loan Approval Date

4/26/2007

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $15,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The loan application indicated that the loan would help retain 2 existing jobs.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Bank Credit Lines

SBA Approved Banks in Kimball, Minnesota

SBA Lenders in Minnesota