Bank Loans for Motor Vehicle Dealers

With these bank loans for motor vehicle dealers, the SBA guarantees the lender that the loan will be repaid. This motor vehicle dealers loan for $225,200 was given to a South Dakota entrepreneur in 2001.

This small firm received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with First Bank & Trust, out of Brookings, South Dakota. The loan was granted and they received $225,200 to help grow their Arlington, South Dakota business.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE DEALERS
ARLINGTON, SD 57212

SBA Loan Lender

FIRST BANK & TRUST
520 6TH ST
BROOKINGS, SD 57006

This SBA loan was provided by financing institution with SBA Certified Lenders Program (CLP) status. CLP lenders who submit loans to the SBA get more expeditious service from the SBA on their loan applications.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5599 - Automotive Dealers

NAICS Code

441229 - Motor Vehicle Dealers

Loan Approval Date

2/13/2001

Loan Approval Gross Amount

$225,200

Loan Approval from the SBA

Of the total $225,200 loan amount, the SBA guaranteed $168,900.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 6 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

We can help you find the best banks for small businesses in Arlington or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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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