How to Get a Loan for Automotive Body, Paint, and Interior Repair and Maintenance
With these commercial loans for automotive body, paint, and interior repair and maintenance, the SBA guarantees the lender that the loan will be repaid. This automotive body, paint, and interior repair and maintenance loan for $18,000 was given to a Massachusetts entrepreneur in 2003.
This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Bank Of America, out of Providence, Rhode Island. The loan was granted and they received $18,000 to help grow their Charlton (charlton Center), Massachusetts business.
SBA Loan Borrower
COMPANY TYPE: AUTOMOTIVE BODY, PAINT, AND INTERIOR REPAIR AND MAINTENANCE
CHARLTON (CHARLTON CENTER), MA 01507
SBA Loan Lender
BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903
This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.
SBA Loan Program Type
This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.
NAICS Code
811121 - Automotive Body, Paint, and Interior Repair and Maintenance
Loan Approval Date
7/8/2003
Loan Approval Gross Amount
$18,000
Loan Approval from the SBA
Of the total $18,000 loan amount, the SBA guaranteed $9,000.
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. The SBA loan application for the borrower indicated that the loan would help retain 1 existing job.
Next Steps for Getting an SBA Loan
Every year, the SBA guarantees over $10 billion for loans just like this one.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bank Of America that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).
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:
Determining Proper Capital Structure for a Business
Banks in Providence, Rhode Island
Browse All Business Loan Sources for Rhode Island