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May 5, 2024 |
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| Home > Small Business Lenders by State > Mississippi Business Loan Sources > Borrego Springs, Business Loans > Borrego Springs Bank Borrego Springs Business Loans > Automotive Services Loan | ||||
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We Needed an SBA 7A Loan in Greenville, Mississippi and We Got One!
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Where to Get Capital for General Automotive RepairWith these small business loans for general automotive repair, the SBA guarantees the lender that the loan will be repaid. This general automotive repair loan for $111,000 was given to a Mississippi entrepreneur in 2002. This small firm received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Borrego Springs Bank, out of Borrego Springs, California. The loan was granted and they received $111,000 to help grow their Greenville, Mississippi business. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE SERVICES SBA Loan Lender BORREGO SPRINGS BANK This small business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7549 - Automotive Services NAICS Code 811111 - General Automotive Repair Loan Approval Date 2/27/2002 Loan Approval Gross Amount $111,000 Loan Approval from the SBA Of the total $111,000 loan amount, the SBA guaranteed $83,250. 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 10 employees. The loan application did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. We've showcased information on this loan to let you know that businesses like yours can get an SBA loan. 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: Good Banks for Small Business in Borrego Springs, California
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