Borrowing Money for General Automotive Repair

Looking for loans for general automotive repair? The SBA may be the answer. This $150,000 general automotive repair loan was issued by a Florida bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Miami, Florida was able to borrow $150,000 from Banco Popular. The SBA made the loan possible by guaranteeing $127,500 of this Florida small business loan.

SBA Loan Borrower

TOWN AUTO SERVICE CORP
2221 WEST 32ND AVENUE
MIAMI, FL 33145

SBA Loan Lender

BANCO POPULAR
8523 COMMODITY CIR
ORLANDO, FL 32819

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

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

4/15/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower, Town Auto Service Corp, borrowed this money for an existing business. The SBA's record indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 12 employees. The SBA loan documents did not indicate that the business planned to use the funding to hire new employees or retain any existing employees. This loan was paid in full, and was closed out on 5/3/2006.

Getting an SBA Loan For Your Business

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

This SBA loan was for $150,000. How would you spend $150,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at Town Auto Service Corp, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's SBA loan database.

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