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April 25, 2024  
 
 
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Loan Census SBA Loan Info

New York Entrepreneur Secures Financing to Buy Lee Myles Automotive Transmissions Franchise

Need a loan to invest in a Lee Myles Automotive Transmissions franchise? Carver Federal Savings Bank has a history of making these loans and they are guaranteed by the SBA.

Lee Myles Automotive Transmissions franchise loans are available to New Hyde Park, New York entrepreneurs, and entrepreneurs in other locations throughout the country. In fact, Carver Federal Savings Bank, based in New York City, New York, issued an SBA franchise loan for a Lee Myles Automotive Transmissions franchise in 2003. We've got all the details on this New York small business loan.

SBA Loan Borrower

LEE MYLES TRANSMISSION
NEW HYDE PARK, NY 11040

SBA Loan Lender

CARVER FEDERAL SAVINGS BANK
111 LIVINGSTON ST
NEW YORK CITY, NY 11201

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

811113 - Automotive Transmission Repair

Loan Approval Date

12/4/2003

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $15,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Lee Myles Automotive Transmissions franchise. At the time of the loan, the company had only one employee. This SBA loan request indicated that the loan would help generate 3 new jobs and retain 1 existing job.

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

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Lee Myles Transmissions and Autocare

Small Business Credit Cards

SBA Banks in New York City, New York

SBA New York Lenders