Loans for Automotive Repair and Maintenance

Looking for loans for automotive repair and maintenance? An SBA loan may be just what you've been looking for. This $50,000 automotive repair and maintenance loan was issued by a Minnesota bank.

Getting a small business loan in Elrosa, Minnesota was important for this company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from North American State Bank, operating out of Elrosa, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE SERVICES
ELROSA, MN 56325

SBA Loan Lender

NORTH AMERICAN STATE BANK
201 MAIN ST
ELROSA, MN 56325

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7549 - Automotive Services

NAICS Code

811198 - Automotive Repair and Maintenance

Loan Approval Date

11/21/2003

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

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 10 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

We can help you find the best banks for small businesses in Elrosa or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Realistic Debt Financing Options

Small Bank Loans in Elrosa, Minnesota

Where to Get an SBA Loan Minnesota