U.S. Bank National Association SBA Loan to General Automotive Repair Company

U.S. Bank National Association is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Kansas entrepreneur who tapped into the power of SBA loans.

This business knew how to go about getting a business bank loan. Based in Topeka, Kansas, they applied for and received an SBA-guaranteed loan in 2006. The lending bank was U.S. Bank National Association, based in Cincinnati, Ohio.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
TOPEKA, KS 66612

SBA Loan Lender

U.S. BANK NATIONAL ASSOCIATION
425 WALNUT ST
CINCINNATI, OH 45202

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.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

1/13/2006

Loan Approval Gross Amount

$22,000

Loan Approval from the SBA

Of the total $22,000 loan amount, the SBA guaranteed $18,700.

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 3 employees. This SBA loan request indicated that the funding would help create 3 new jobs.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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.

Related Links:

VC Firms on Twitter

SBA 7A Banks in Cincinnati, Ohio

SBA Participating Banks in Ohio