General Automotive Repair Bank Loans

Looking for bank loans for general automotive repair? An SBA loan may be just what you've been looking for. This $31,834 general automotive repair loan was issued by an Illinois bank.

This small firm received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Busey Bank, out of Shelbyville, Illinois. The loan was granted and they received $31,834 to help grow their Lakewood, Illinois business.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
LAKEWOOD, IL 62438

SBA Loan Lender

BUSEY BANK
200 W MAIN ST
SHELBYVILLE, IL 62565

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

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

5/26/2000

Loan Approval Gross Amount

$31,834

Loan Approval from the SBA

Of the total $31,834 loan amount, the SBA guaranteed $25,467.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. This SBA loan request did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Every year, the SBA guarantees over $10 billion for loans just like this one.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $31,834 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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

SBA Participating Banks in Shelbyville, Illinois

Getting an SBA Loan in Illinois