Raising Money for Car Washes

With these business loans for car washes, the SBA guarantees the lender that the loan will be repaid. This car washes loan for $810,000 was given to a Massachusetts entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Westfield, Massachusetts was able to borrow $810,000 from Td Banknorth. The SBA made the loan possible by guaranteeing $607,500 of this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: CARWASHES
WESTFIELD, MA 01085

SBA Loan Lender

TD BANKNORTH
370 MAIN ST
WORCESTER, MA 01608

This SBA loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7542 - Carwashes

NAICS Code

811192 - Car Washes

Loan Approval Date

4/16/2003

Loan Approval Gross Amount

$810,000

Loan Approval from the SBA

Of the total $810,000 loan amount, the SBA guaranteed $607,500.

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 4 employees. This SBA loan request did not indicate that the small business planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Td Banknorth so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Business Incubators

Where to Get an SBA Loan in Worcester, Massachusetts

Massachusetts SBA Banks