Motor Vehicle Towing SBA Loans

Looking for SBA loans for motor vehicle towing? Try the SBA. This $12,800 motor vehicle towing loan was issued by a North Carolina bank.

Getting a small business loan in Newport News, Virginia was important for Kennys Towing & Repair back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Bank Of America, operating out of Charlotte, North Carolina. Here are the details on this Virginia small business loan.

SBA Loan Borrower

KENNYS TOWING & REPAIR
9707 JEFFERSON AVE #A
NEWPORT NEWS, VA 23605

SBA Loan Lender

BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255

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

488410 - Motor Vehicle Towing

Loan Approval Date

7/15/2002

Loan Approval Gross Amount

$12,800

Loan Approval from the SBA

Of the total $12,800 loan amount, the SBA guaranteed $6,400.

More Information on This SBA Loan

The borrower, Kennys Towing & Repair, borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. This SBA loan request indicated that the loan would help retain 1 existing job. This loan was paid in full, and was closed out on 3/31/2005.

Getting an SBA Loan For Your Business

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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 Kennys Towing & Repair walked into Bank Of America and applied for an SBA loan, you have to do the same thing. The sooner you start, the faster you'll get the money!

About This SBA Loan Information:

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

Related Links:

The Art of Bootstrapping

SBA 7A Lenders in Charlotte, North Carolina

North Carolina SBA Banks

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