Automotive Mechanical and Electrical Repair and Maintenance Loans

Looking for loans for automotive mechanical and electrical repair and maintenance? The SBA may be the answer. This $298,000 automotive mechanical and electrical repair and maintenance loan was issued by a California bank.

Getting a small business loan in San Diego, California was important for this growing firm back in 2004 and, based on their loan application, they were successful in getting an SBA loan from First Bank, operating out of Chula Vista, California. Here are the details on this California small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE MECHANICAL AND ELECTRICAL REPAIR AND MAINTENANCE
SAN DIEGO, CA 92121

SBA Loan Lender

FIRST BANK
318 4TH AVE
CHULA VISTA, CA 91910

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

811118 - Automotive Mechanical and Electrical Repair and Maintenance

Loan Approval Date

5/26/2004

Loan Approval Gross Amount

$298,000

Loan Approval from the SBA

Of the total $298,000 loan amount, the SBA guaranteed $223,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 4 employees. The loan application indicated that the loan would help retain 4 existing jobs.

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

If you are working on finding money to start a business in San Diego CA, you ought to talk with a local San Diego SBA lender or talk with an out-of-area SBA lender that has previously loaned money to San Diego businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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.

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