SBA Loans for General Automotive Repair

With these SBA loans for general automotive repair, the SBA guarantees the lender that the loan will be repaid. This general automotive repair loan for $475,000 was given to a Massachusetts entrepreneur in 2007.

This business knew how to go about getting a business bank loan. Based in New Bedford, Massachusetts, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was Home Loan Invest Bank F.S.B., based in Warwick, Rhode Island.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
NEW BEDFORD, MA 02746

SBA Loan Lender

HOME LOAN INVEST BANK F.S.B.
1 HOME LOAN PLAZA, STE 3
WARWICK, RI 02886

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

4/30/2007

Loan Approval Gross Amount

$475,000

Loan Approval from the SBA

Of the total $475,000 loan amount, the SBA guaranteed $356,250.

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 3 employees. The loan application indicated that the loan would help retain 3 existing jobs.

Start the Process for Getting an SBA Loan Today!

If you are raising money in New Bedford MA, you ought to talk with a local New Bedford SBA lender or talk with an out-of-area SBA lender that has previously loaned money to New Bedford businesses.

We can help you find the best banks for small businesses in New Bedford 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:

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SBA 7A Banks in Warwick, Rhode Island

Getting a Business Loan in Rhode Island