Getting an SBA Loan for Car Washes

With these SBA loans for car washes, the SBA guarantees the lender that the loan will be repaid. This car washes loan for $456,300 was given to a New Jersey entrepreneur in 2002.

This small business received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Commerce Bank, out of Philadelphia, Pennsylvania. The loan was granted and they received $456,300 to help grow their Westmont, New Jersey business.

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
WESTMONT, NJ 08108

SBA Loan Lender

COMMERCE BANK
1900 MARKET ST.
PHILADELPHIA, PA 19103

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811192 - Car Washes

Loan Approval Date

6/26/2002

Loan Approval Gross Amount

$456,300

Loan Approval from the SBA

Of the total $456,300 loan amount, the SBA guaranteed $342,225.

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 5 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

Don't apply for a loan directly with the SBA. You need to 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.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Commerce Bank and they will explain how you can get an SBA loan for your company.

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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