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November 21, 2024 |
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| Home > Small Business Lenders by State > Missouri Business Loan Sources > Bannockburn, Business Loans > National City Bank Bannockburn Business Loans > General Automotive Repair Loan | ||||
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National City Bank Commercial Loans
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How to Get a Loan for General Automotive RepairLooking for business loans for general automotive repair? The SBA may be the answer. This $40,500 general automotive repair loan was issued by an Illinois bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in St. Louis, Missouri was able to borrow $40,500 from National City Bank. The SBA made the loan possible by guaranteeing $20,250 of this Missouri small business loan. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SBA Loan Lender NATIONAL CITY BANK 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 811111 - General Automotive Repair Loan Approval Date 10/7/2005 Loan Approval Gross Amount $40,500 Loan Approval from the SBA Of the total $40,500 loan amount, the SBA guaranteed $20,250. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. This SBA loan request indicated that the loan would help generate 1 new job and retain 1 existing job. Getting an SBA Loan For Your Business 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. If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from National City 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: The Friends and Family Network SBA Banks in Bannockburn, Illinois
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