Powered by LevrNAICS 561491: Repossession services
NAICS 561491 is the industry code for repossession services. Use it on loan applications, tax forms and registrations. Explore financing for professional services and start your application when you are ready.
What 561491 covers
Repossession companies recover vehicles, equipment and other collateral for lenders after borrowers default. They locate, recover, transport and store assets, usually paid a fee per recovery.
Included in this code
- Vehicle repossession
- Equipment repossession
- Skip tracing for recoveries
- Collateral recovery and storage
Not this code
- Collection agencies: see 561440 Collection agencies
- Towing services: see 488410 Motor vehicle towing
Businesses that use 561491
Financing for this trade
Repossession agencies finance tow trucks and wheel lift trucks with commercial vehicle loans, storage lots with real estate or SBA 7(a) loans, and use factoring on lender and forwarder invoices. Lenders look at contracts with forwarders and lenders, licensing, and insurance.
Apply for funding with AIIs 561491 the right code for a repossession company?
Yes, if your main business is recovering collateral such as cars and equipment for lenders. If you mainly tow for the public or police, 488410 fits better. If you collect money rather than property, use 561440. Skip tracing and collateral storage done as part of recoveries also stay under 561491.
What is the SBA size standard for 561491?
SBA sets the size standard for 561491 at $19 million in average annual receipts, averaged over the last five completed fiscal years and counting affiliates. Repossession services at or under that figure qualify as small businesses for SBA 7(a) and 504 loans and for federal small business set asides. Most independent repossession services fall well inside the limit, so size is rarely what decides an SBA application.
What financing do repossession agencies use?
Most finance tow and wheel lift trucks with commercial vehicle loans, use invoice factoring on forwarder and lender bills, and fund storage yards with SBA 7(a) loans. Lenders look at forwarder relationships, state licensing, insurance coverage and steady assignment volume.
What does NAICS 561491 cover?
Repossession services. Industry level code in NAICS 2022, under 56 Administrative and support and waste management and remediation services, 561 Administrative and support services, 5614 Business support services, 56149 Other business support services.
What financing do NAICS 561491 businesses use?
Equipment financing, working capital, SBA loans and invoice factoring are the products placed most for professional services businesses. Start an application and the AI matches the deal to lenders that fund this code.
Where do I put NAICS 561491?
On the SBA loan application, on federal Schedule C or Form 1120, on SAM.gov and state registrations, and on most lender applications. A business can report more than one code; use this one if it describes what produces most of your revenue.