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May 2, 2024 |
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| Home > Small Business Lenders by State > Arizona Business Loan Sources > Birmingham, Business Loans > Compass Bank Birmingham Business Loans > Automotive Repair Shops Loan | ||||
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Examples of Tempe SBA Loans
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Getting an SBA Loan for Automotive Mechanical and Electrical Repair and MaintenanceWith these commercial loans for automotive mechanical and electrical repair and maintenance, the SBA guarantees the lender that the loan will be repaid. This automotive mechanical and electrical repair and maintenance loan for $800,000 was given to an Arizona entrepreneur in 2000. This business knew how to go about getting a business bank loan. Based in Tempe, Arizona, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was Compass Bank, based in Birmingham, Alabama. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE REPAIR SHOPS SBA Loan Lender COMPASS BANK This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7539 - Automotive Repair Shops NAICS Code 811118 - Automotive Mechanical and Electrical Repair and Maintenance Loan Approval Date 8/24/2000 Loan Approval Gross Amount $800,000 Loan Approval from the SBA Of the total $800,000 loan amount, the SBA guaranteed $600,000. 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 3 employees. The loan application indicated that the loan would help generate 7 new jobs and retain 3 existing jobs. Great, But How Can I Get an SBA Loan for My Business? If you need money to start a small business or need money to grow a business, an SBA loan can be a great way to raise money The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Compass Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Compass 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: How Much Venture Capital Is There? SBA Banks in Birmingham, Alabama
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