Get an SBA Loan for Automotive Body, Paint, and Interior Repair and Maintenance
Looking for small business loans for automotive body, paint, and interior repair and maintenance? An SBA loan may be just what you've been looking for. This $31,000 automotive body, paint, and interior repair and maintenance loan was issued by a Minnesota bank.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in East Grand Forks, Minnesota was able to borrow $31,000 from Community Bank - Red River Valle. The SBA made the loan possible by guaranteeing $24,800 of this Minnesota small business loan.
SBA Loan Borrower
COMPANY TYPE: TOP AND BODY REPAIR AND PAINT SHOPS
EAST GRAND FORKS, MN 56721
SBA Loan Lender
COMMUNITY BANK - RED RIVER VALLE
1413 CENTRAL AVE NW
EAST GRAND FORKS, MN 56721
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.
SIC Code
7532 - Top and Body Repair and Paint Shops
NAICS Code
811121 - Automotive Body, Paint, and Interior Repair and Maintenance
Loan Approval Date
2/15/2000
Loan Approval Gross Amount
$31,000
Loan Approval from the SBA
Of the total $31,000 loan amount, the SBA guaranteed $24,800.
More Information on This SBA Loan
The borrower borrowed this money for an existing 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 funding to add employees or retain any existing employees.
Next Steps for Getting an SBA Loan
Every year, the SBA guarantees over $10 billion for loans just like this one.
Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Community Bank - Red River Valle and they will explain how you can get an SBA loan for your company.
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:
How to Raise Money
Best East Grand Forks, Minnesota Banks for Small Business
SBA Lenders in Minnesota