Key Takeaways
- Cuban and Venezuelan parolees with auto repair revenue qualify
- Equipment financing for lifts, diagnostics, and tools
- Working capital for parts inventory and payroll
- Funding up to $2M for established auto repair businesses
- 48-hour decisions on working capital advances
Automotive repair is a recession-resistant business — vehicles require maintenance regardless of economic cycles. Cuban parolees with mechanical training from Cuba's famous keep-anything-running culture bring exceptional diagnostic and repair skills to US shops. Venezuelan parolees with automotive engineering backgrounds are opening independent shops that compete effectively with franchise chains on quality and price. Bankable funds the equipment and working capital that make these shops profitable.
Auto Repair Funding Products
- Lift Equipment Financing: 2-post and 4-post lifts ($8,000-$25,000 each) are the most critical piece of shop equipment. Bankable finances them with the equipment as collateral.
- Diagnostic Equipment: Scan tools, alignment machines, tire changers, and wheel balancers financed over 24-60 months.
- Parts Inventory: Working capital to carry common replacement parts (filters, brakes, belts) reduces wait times and improves customer experience.
- Shop Build-Out: Bay construction, compressed air systems, drainage improvements — funded through working capital.
- Working Capital: Payroll for technicians, utility costs, and the gap between service completion and customer pickup payment.
Frequently Asked Questions
Yes. Cuban CHNV parolees operating US auto repair shops with verifiable revenue qualify. The shop's equipment can serve as collateral, and your monthly service revenue is the primary underwriting factor. EAD is accepted as primary ID.
2-post and 4-post lifts, alignment machines, tire changers, wheel balancers, scan diagnostic tools, fluid exchange machines, AC recharge units, and specialty tools. New and used equipment from licensed dealers qualifies.
Requirements vary by state. California requires a Bureau of Automotive Repair (BAR) license. Florida requires a Motor Vehicle Repair Shop registration. Most states have some licensing requirement. A valid license strengthens your application significantly.
A 2-bay shop with basic equipment runs $50,000-$100,000 in equipment plus build-out costs. A fully equipped 4-6 bay shop with alignment and diagnostic equipment runs $150,000-$400,000. Bankable can finance the equipment portion while you contribute the lease deposit and initial working capital.
$15,000 per month in verifiable service revenue from POS systems, credit card processing, or business bank deposits. Established shops with fleet maintenance contracts often have more predictable revenue that qualifies for better terms.
Yes. Venezuelan CHNV parolees with automotive expertise — whether from Venezuela's oil industry maintenance operations or professional automotive engineering — qualify based on their US business revenue and credentials.
Yes. Working capital advances can fund parts inventory, which reduces repair cycle times and improves customer satisfaction. Many auto repair shops see a 15-25% revenue increase after building adequate parts inventory.
Revenue-based repayment takes a percentage of daily card transactions. Shops with high cash transaction volumes can provide bank statements showing deposits as alternative verification. Repayment flexes with your weekly repair volume.