Automotive Mechanical and Electrical Repair and Maintenance Business Loans

Looking for business loans for automotive mechanical and electrical repair and maintenance? An SBA loan may be just what you've been looking for. This $150,000 automotive mechanical and electrical repair and maintenance loan was issued by an Indiana bank.

This business received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Irwin Union Bank & Trust, out of Columbus, Indiana. The loan was granted and they received $150,000 to help grow their Traverse City, Michigan business.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE REPAIR SHOPS
TRAVERSE CITY, MI 49684

SBA Loan Lender

IRWIN UNION BANK & TRUST
500 WASHINGTON ST
COLUMBUS, IN 47201

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.

SIC Code

7539 - Automotive Repair Shops

NAICS Code

811118 - Automotive Mechanical and Electrical Repair and Maintenance

Loan Approval Date

10/26/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 4 employees. The SBA loan application for the borrower did not indicate that the company planned to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $150,000 loan. Remember, where there is a will, there is a way!

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:

Small Business Credit Cards

SBA Banks in Columbus, Indiana

Indiana SBA Bank Lenders