SBA Loan from Farmers & Merchants Bank Helps General Automotive Repair Company

An SBA loan from Farmers & Merchants Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Superior, Nebraska business owner got a $71,000 loan.

This business knew how to go about getting a business bank loan. Based in Superior, Nebraska, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was Farmers & Merchants Bank, based in Milford, Nebraska.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
SUPERIOR, NE 68978

SBA Loan Lender

FARMERS & MERCHANTS BANK
617 1ST ST
MILFORD, NE 68405

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.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

2/23/2005

Loan Approval Gross Amount

$71,000

Loan Approval from the SBA

Of the total $71,000 loan amount, the SBA guaranteed $60,350.

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 only one employee. The SBA loan documents did not indicate that the small business planned to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

Although it's called an SBA loan, 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.

This company got an SBA loan. You can too! Maybe you need seed money for business? Maybe you need money to buy a business? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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:

Obtaining Funding - Getting Venture Capital

SBA Banks in Milford, Nebraska

Nebraska SBA Banks