How to Get a Loan for Automobile and Motor Vehicle Wholesalers

Looking for business loans for automobile and motor vehicle wholesalers? An SBA loan may be just what you've been looking for. This $400,000 automobile and motor vehicle wholesalers loan was issued by a North Dakota bank.

Getting a small business loan in Bismarck, North Dakota was important for this small business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Security 1st Bank - No. Dakota, operating out of New Salem, North Dakota. Here are the details on this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTOMOBILES AND OTHER MOTOR VEHICLES
BISMARCK, ND 58502

SBA Loan Lender

SECURITY 1ST BANK - NO. DAKOTA
700 ASH AVE
NEW SALEM, ND 58563

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 dates back to 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.

SIC Code

5012 - Automobiles and Other Motor Vehicles

NAICS Code

421110 - Automobile and Motor Vehicle Wholesalers

Loan Approval Date

10/27/2004

Loan Approval Gross Amount

$400,000

Loan Approval from the SBA

Of the total $400,000 loan amount, the SBA guaranteed $300,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Security 1st Bank - No. Dakota had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Security 1st Bank - No. Dakota made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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Where to Get an SBA Loan North Dakota