Borrowing Money for General Automotive Repair

Looking for loans for general automotive repair? The SBA may be the answer. This $21,000 general automotive repair loan was issued by a New York bank.

This company received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Five Star Bank, out of Geneva, New York. The loan was granted and they received $21,000 to help grow their Waterloo, New York business.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
WATERLOO, NY 13165

SBA Loan Lender

FIVE STAR BANK
2 SENECA ST
GENEVA, NY 14456

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

7538 - General Automotive Repair Shops

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

12/12/2002

Loan Approval Gross Amount

$21,000

Loan Approval from the SBA

Of the total $21,000 loan amount, the SBA guaranteed $17,850.

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. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Five Star Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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