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May 21, 2024 |
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| Home > Small Business Lenders by State > Connecticut Business Loan Sources > Danbury, Business Loans > Union Savings Bank Danbury Business Loans > Top And Body Repair And Paint Shops Loan | ||||
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Danbury, Connecticut Bank Loan
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Getting an SBA Loan for Automotive Body, Paint, and Interior Repair and MaintenanceLooking for SBA loans for automotive body, paint, and interior repair and maintenance? Talk to a banker who works with the SBA. This $19,200 automotive body, paint, and interior repair and maintenance loan was issued by a Connecticut bank. This business knew how to go about getting a business bank loan. Based in Danbury, Connecticut, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Union Savings Bank, based in Danbury, Connecticut. SBA Loan Borrower COMPANY TYPE: TOP AND BODY REPAIR AND PAINT SHOPS SBA Loan Lender UNION SAVINGS BANK This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7532 - Top and Body Repair and Paint Shops NAICS Code 811121 - Automotive Body, Paint, and Interior Repair and Maintenance Loan Approval Date 11/19/2002 Loan Approval Gross Amount $19,200 Loan Approval from the SBA Of the total $19,200 loan amount, the SBA guaranteed $16,320. 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 2 employees. This SBA loan request did not indicate that the business promised to use the money to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business Don't forget. To get an SBA loan, you must 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. 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 Union 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: SBA 7A Banks in Danbury, Connecticut
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