Financing for Automotive Repair and Maintenance

Looking for commercial loans for automotive repair and maintenance? Talk to a banker who works with the SBA. This $375,000 automotive 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 Frisco, Texas was able to borrow $375,000 from Stearns Bank. The SBA made the loan possible by guaranteeing $281,250 of this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE SERVICES
FRISCO, TX 75034

SBA Loan Lender

STEARNS BANK
4191 2ND ST SOUTH
SAINT CLOUD, MN 56301

When this loan was made, this bank participated in the SBA's Certified Lenders Program (CLP). This program was created to ensure fast service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7549 - Automotive Services

NAICS Code

811198 - Automotive Repair and Maintenance

Loan Approval Date

5/20/2005

Loan Approval Gross Amount

$375,000

Loan Approval from the SBA

Of the total $375,000 loan amount, the SBA guaranteed $281,250.

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. The loan application did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are raising money in Frisco TX, you ought to talk with a local Frisco SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Frisco businesses.

We can help you find the best banks for small businesses in Frisco or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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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