Borrowing Money for General Automotive Repair

Looking for loans for general automotive repair? Talk to a banker who works with the SBA. This $78,700 general automotive repair loan was issued by a Pennsylvania bank.

This company received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with First Commonwealth Bank, out of Hollidaysburg, Pennsylvania. The loan was granted and they received $78,700 to help grow their Warriors Mark, Pennsylvania business.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
WARRIORS MARK, PA 16877

SBA Loan Lender

FIRST COMMONWEALTH BANK
RTE 220 & N JUNIATA ST
HOLLIDAYSBURG, PA 16648

The lender provided this bank loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

2/7/2005

Loan Approval Gross Amount

$78,700

Loan Approval from the SBA

Of the total $78,700 loan amount, the SBA guaranteed $39,350.

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 2 employees. The SBA loan documents indicated that the loan would help retain 2 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First Commonwealth Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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

Best Hollidaysburg, Pennsylvania Banks for Small Business

Getting a Business Loan in Pennsylvania