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December 20, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > New York, Business Loans > Loan Source Incorporated New York Business Loans > Automotive Repair Shops Loan | ||||
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SBA Lenders for West Babylon Small Business Owners
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Automotive Mechanical and Electrical Repair and Maintenance Commercial LoansLooking for commercial loans for automotive mechanical and electrical repair and maintenance? Try the SBA. This $450,000 automotive mechanical and electrical repair and maintenance loan was issued by a New York bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in West Babylon, New York was able to borrow $450,000 from Loan Source Incorporated. The SBA made the loan possible by guaranteeing $337,500 of this New York small business loan. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE REPAIR SHOPS SBA Loan Lender LOAN SOURCE INCORPORATED This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program. 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 8/25/2000 Loan Approval Gross Amount $450,000 Loan Approval from the SBA Of the total $450,000 loan amount, the SBA guaranteed $337,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The loan application indicated that the loan would help generate 1 new job and retain 2 existing jobs. Start the Process for Getting an SBA Loan Today! Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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 Loan Source Incorporated 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: Obtaining Funding - How to Borrow Money Best Banks in New York, New York Getting a Business Loan in New York
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