Automotive Body, Paint, and Interior Repair and Maintenance Bank Loans
With these bank 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 $1,333,000 was given to a Massachusetts entrepreneur in 2002.
This company knew how to go about getting a business bank loan. Based in Chelsea, Massachusetts, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Cit Small Business Lending Corp, based in Livingston, New Jersey.
SBA Loan Borrower
COMPANY TYPE: MOTOR VEHICLE DEALERS
CHELSEA, MA 02150
SBA Loan Lender
CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039
At the time this loan was granted, the lender was part of the SBA's Certified Lenders Program (CLP). This program aims to provide expeditious service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.
SBA Loan Program Type
This loan was issued as a general business loan.
5511 - Motor Vehicle Dealers
811121 - Automotive Body, Paint, and Interior Repair and Maintenance
Loan Approval Date
Loan Approval Gross Amount
Loan Approval from the SBA
Of the total $1,333,000 loan amount, the SBA guaranteed $999,750.
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 11 employees. The SBA loan documents did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
If you need money to start a business or need money to grow a business, an SBA loan can be a great way to raise money
While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications 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.
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