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May 18, 2024 |
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| Home > Small Business Lenders by State > Maryland Business Loan Sources > Olney, Business Loans > Sandy Spring Bank Olney Business Loans > General Automotive Repair Shops Loan | ||||
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Sandy Spring Bank SBA Loans
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Bank Loans for General Automotive RepairLooking for bank loans for general automotive repair? Try the SBA. This $220,000 general automotive repair loan was issued by a Maryland bank. This small firm knew how to go about getting a business bank loan. Based in Gaithersburg, Maryland, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Sandy Spring Bank, based in Olney, Maryland. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS SBA Loan Lender SANDY SPRING BANK The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide SBA bank loans to American small businesses. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 7538 - General Automotive Repair Shops NAICS Code 811111 - General Automotive Repair Loan Approval Date 2/27/2004 Loan Approval Gross Amount $220,000 Loan Approval from the SBA Of the total $220,000 loan amount, the SBA guaranteed $165,000. 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 4 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business Many small businesses receive loans backed by the U.S. Small Business Administration. This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank. 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: Good Banks for Small Business in Olney, Maryland Getting a Business Loan in Maryland
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