Getting an SBA Loan for General Automotive Repair

With these business loans for general automotive repair, the SBA guarantees the lender that the loan will be repaid. This general automotive repair loan for $185,200 was given to a California entrepreneur in 2000.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Sylmar, California was able to borrow $185,200 from First Bank. The SBA made the loan possible by guaranteeing $138,900 of this California small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
SYLMAR, CA 91342

SBA Loan Lender

FIRST BANK
16900 GOLDENWEST ST
HUNTINGTON BEACH, CA 92647

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

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

3/30/2000

Loan Approval Gross Amount

$185,200

Loan Approval from the SBA

Of the total $185,200 loan amount, the SBA guaranteed $138,900.

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 12 employees. The loan application indicated that the loan would help retain 12 existing jobs.

Start the Process for Getting an SBA Loan Today!

If you have been wondering how do i get money to start a business in Sylmar CA, you ought to talk with a local Sylmar SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Sylmar businesses.

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.

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