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May 9, 2024 |
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| Home > Small Business Lenders by State > Maryland Business Loan Sources > Reston, Business Loans > Greater Atlantic Bank Reston Business Loans > Automotive Services Loan | ||||
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Rockville, Maryland Bank Loan
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Raising Money for Automotive Exhaust System RepairLooking for business loans for automotive exhaust system repair? Try the SBA. This $210,000 automotive exhaust system repair loan was issued by a Virginia bank. This business knew how to go about getting a business bank loan. Based in Rockville, Maryland, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Greater Atlantic Bank, based in Reston, Virginia. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE SERVICES SBA Loan Lender GREATER ATLANTIC BANK This lender issued this loan under the SBA 7A lending 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 7549 - Automotive Services NAICS Code 811112 - Automotive Exhaust System Repair Loan Approval Date 10/9/2002 Loan Approval Gross Amount $210,000 Loan Approval from the SBA Of the total $210,000 loan amount, the SBA guaranteed $157,500. 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 13 employees. The SBA loan documents did not indicate that the business 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 guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Greater Atlantic Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Greater Atlantic Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Small Business Banks in Reston, Virginia Where to Get an SBA Loan Virginia
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