Borrowing Money for General Automotive Repair

With these small business loans for general automotive repair, the SBA guarantees the lender that the loan will be repaid. This general automotive repair loan for $290,000 was given to a Missouri entrepreneur in 2006.

This small firm knew how to go about getting a business bank loan. Based in Union, Missouri, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Bank Of Sullivan, based in Sullivan, Missouri.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
UNION, MO 63084

SBA Loan Lender

BANK OF SULLIVAN
318 W MAIN ST
SULLIVAN, MO 63080

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

1/6/2006

Loan Approval Gross Amount

$290,000

Loan Approval from the SBA

Of the total $290,000 loan amount, the SBA guaranteed $72,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The loan application indicated that the loan would help generate 2 new jobs and retain 5 existing jobs.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

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 $290,000 loan. Remember, fight for what you want, and it will be yours!

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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