How to Get a Loan for General Automotive Repair

With these commercial loans for general automotive repair, the SBA guarantees the lender that the loan will be repaid. This general automotive repair loan for $61,800 was given to an Illinois entrepreneur in 2006.

Getting a small business loan in Bradley, Illinois was important for this small business back in 2006 and, based on their loan application, they were successful in getting an SBA loan from Centrue Bank, operating out of Kankakee, Illinois. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
BRADLEY, IL 60915

SBA Loan Lender

CENTRUE BANK
310 S SCHUYLER AVE
KANKAKEE, IL 60901

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

11/10/2006

Loan Approval Gross Amount

$61,800

Loan Approval from the SBA

Of the total $61,800 loan amount, the SBA guaranteed $46,350.

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 6 employees. The loan application indicated that the loan would help retain 6 existing jobs.

Start the Process for Getting an SBA Loan Today!

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.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Centrue Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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