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May 7, 2024 |
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| Home > Small Business Lenders by State > Idaho Business Loan Sources > Spokane, Business Loans > Sterling Savings Bank Spokane Business Loans > General Automotive Repair Shops Loan | ||||
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SBA Lender Cascade Idaho
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How to Get a Loan for General Automotive RepairWith these commercial loans for general automotive repair, the SBA guarantees the lender that the loan will be repaid. This general automotive repair loan for $171,690 was given to an Idaho entrepreneur in 2004. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Cascade, Idaho was able to borrow $171,690 from Sterling Savings Bank. The SBA made the loan possible by guaranteeing $128,768 of this Idaho small business loan. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS SBA Loan Lender STERLING SAVINGS BANK This lender issued this commercial loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7538 - General Automotive Repair Shops NAICS Code 811111 - General Automotive Repair Loan Approval Date 6/10/2004 Loan Approval Gross Amount $171,690 Loan Approval from the SBA Of the total $171,690 loan amount, the SBA guaranteed $128,768. 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 only one employee. This SBA loan request did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business SBA loans provide smart, affordable business financing for small businesses looking to expand. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Sterling Savings Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Obtaining Funding - How to Borrow Money Where to Get an SBA Loan in Spokane, Washington
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