Used Car Dealers Bank Loans
Looking for bank loans for used car dealers? The SBA may be the answer. This $20,000 used car dealers loan was issued by a Massachusetts bank.
This small firm knew how to go about getting a business bank loan. Based in Amherst (census Name For Amher, Massachusetts, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was Bank - Western Massachusetts, based in Springfield, Massachusetts.
SBA Loan Borrower
COMPANY TYPE: USED CAR DEALERS
AMHERST (CENSUS NAME FOR AMHER, MA 01002
SBA Loan Lender
BANK - WESTERN MASSACHUSETTS
1391 MAIN ST, 3RD FL
SPRINGFIELD, MA 01103
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
441120 - Used Car Dealers
Loan Approval Date
11/12/2004
Loan Approval Gross Amount
$20,000
Loan Approval from the SBA
Of the total $20,000 loan amount, the SBA guaranteed $10,000.
More Information on This SBA Loan
The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had only one employee. This SBA loan request indicated that the loan would help generate 1 new job and retain 2 existing jobs.
Next Steps for Getting an SBA Loan
SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.
While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.
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.
Related Links:
Advice on Getting a Small Business Loan
SBA Banks in Springfield, Massachusetts
Massachusetts SBA Bank Lenders