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April 19, 2024 |
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| Home > Small Business Lenders by State > Alabama Business Loan Sources > Sylacauga, Business Loans > Alabama Tr Bank Sylacauga Business Loans > General Automotive Repair Shops Loan | ||||
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Small Business Banks for Sylacauga Entrepreneurs
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Raising Money for General Automotive RepairLooking for business loans for general automotive repair? Talk to a banker who works with the SBA. This $125,000 general automotive repair loan was issued by an Alabama bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Sylacauga, Alabama was able to borrow $125,000 from Alabama Tr Bank. The SBA made the loan possible by guaranteeing $106,250 of this Alabama small business loan. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS SBA Loan Lender ALABAMA TR BANK This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program involves 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 7538 - General Automotive Repair Shops NAICS Code 811111 - General Automotive Repair Loan Approval Date 4/16/2002 Loan Approval Gross Amount $125,000 Loan Approval from the SBA Of the total $125,000 loan amount, the SBA guaranteed $106,250. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees. Next Steps for Getting an SBA Loan The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Alabama Tr Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Alabama Tr 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: SBA Participating Banks in Sylacauga, Alabama
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