Small Business Loans for Used Car Dealers

Looking for small business loans for used car dealers? An SBA loan may be just what you've been looking for. This $671,500 used car dealers loan was issued by a New Mexico bank.

This small firm received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with My Bank, out of Belen, New Mexico. The loan was granted and they received $671,500 to help grow their Albuquerque, New Mexico business.

SBA Loan Borrower

COMPANY TYPE: USED CAR DEALERS
ALBUQUERQUE, NM 87110

SBA Loan Lender

MY BANK
19339 HWY 85
BELEN, NM 87002

This lender issued this loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441120 - Used Car Dealers

Loan Approval Date

5/30/2006

Loan Approval Gross Amount

$671,500

Loan Approval from the SBA

Of the total $671,500 loan amount, the SBA guaranteed $503,625.

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 16 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Many small businesses receive loans backed by the U.S. Small Business Administration.

This company got an SBA loan. You can too! Maybe you need seed money for a small business? Maybe you need money to buy a business? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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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