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November 15, 2024 |
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| Home > Small Business Lenders by State > Tennessee Business Loan Sources > Lexington, Business Loans > First Bank Lexington Business Loans > General Automotive Repair Loan | ||||
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Advice for Businesses On Getting a Loan
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How to Get a Loan for General Automotive RepairLooking for business loans for general automotive repair? The SBA may be the answer. This $50,000 general automotive repair loan was issued by a Tennessee bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Watertown, Tennessee was able to borrow $50,000 from First Bank. The SBA made the loan possible by guaranteeing $42,500 of this Tennessee small business loan. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SBA Loan Lender FIRST BANK SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA bank loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811111 - General Automotive Repair Loan Approval Date 7/27/2007 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $42,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan documents indicated that the loan would help generate 1 new job and retain 2 existing jobs. Getting an SBA Loan For Your Business SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: SBA Participating Banks in Lexington, Tennessee
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