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May 12, 2024 |
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| Home > Small Business Lenders by State > Indiana Business Loan Sources > South Bend, Business Loans > 1st Source Bank South Bend Business Loans > Automotive Mechanical And Electrical Repair And Maintenance Loan | ||||
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Small Business Banks for Elkhart Businesses
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Where to Get Capital for Automotive Mechanical and Electrical Repair and MaintenanceLooking for SBA loans for automotive mechanical and electrical repair and maintenance? The SBA may be the answer. This $157,000 automotive mechanical and electrical repair and maintenance loan was issued by an Indiana bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Elkhart, Indiana was able to borrow $157,000 from 1st Source Bank. The SBA made the loan possible by guaranteeing $78,500 of this Indiana small business loan. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE MECHANICAL AND ELECTRICAL REPAIR AND MAINTENANCE SBA Loan Lender 1ST SOURCE BANK The lender provided this loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 811118 - Automotive Mechanical and Electrical Repair and Maintenance Loan Approval Date 4/11/2006 Loan Approval Gross Amount $157,000 Loan Approval from the SBA Of the total $157,000 loan amount, the SBA guaranteed $78,500. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. This SBA loan request indicated that the loan would help generate 1 new job and retain 2 existing jobs. Getting an SBA Loan For Your Business SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. 1st Source Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, 1st Source 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: Who Lends Money to Small Businesses in South Bend, Indiana Where to Get an SBA Loan Indiana
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