Magic Valley Bank A Division - SBA Loan to General Automotive Repair Company

Magic Valley Bank A Division - and the SBA work together to get business loans for growing small businesses. Here's an example of how an Idaho entrepreneur was able to get a loan to take a small business to the next level.

This growing company received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Magic Valley Bank A Division -, out of Twin Falls, Idaho. The loan was granted and they received $85,000 to help grow their Burley, Idaho business.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
BURLEY, ID 83318

SBA Loan Lender

MAGIC VALLEY BANK A DIVISION -
113 MAIN AVE WEST
TWIN FALLS, ID 83301

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

2/22/2002

Loan Approval Gross Amount

$85,000

Loan Approval from the SBA

Of the total $85,000 loan amount, the SBA guaranteed $72,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. 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 funding to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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:

Borrowing Money from Friends and Family

Small Bank Loans in Twin Falls, Idaho

SBA Participating Banks in Idaho