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April 23, 2024 |
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| Home > Small Business Lenders by State > Alabama Business Loan Sources > Houston, Business Loans > Small Business Loan Source LLC Houston Business Loans > General Automotive Repair Loan | ||||
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Good Banks for Birmingham Small Businesses
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Get an SBA Loan for General Automotive RepairLooking for loans for general automotive repair? The SBA may be the answer. This $253,000 general automotive repair loan was issued by a Texas bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Birmingham, Alabama was able to borrow $253,000 from Small Business Loan Source LLC. The SBA made the loan possible by guaranteeing $189,750 of this Alabama small business loan. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SBA Loan Lender SMALL BUSINESS LOAN SOURCE LLC Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811111 - General Automotive Repair Loan Approval Date 6/9/2006 Loan Approval Gross Amount $253,000 Loan Approval from the SBA Of the total $253,000 loan amount, the SBA guaranteed $189,750. 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 only one employee. This SBA loan request indicated that the loan would help generate 4 new jobs and retain 4 existing jobs. Next Steps for Getting an SBA Loan SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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 Houston, Texas
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