Loans for Used Car Dealers

With these loans for used car dealers, the SBA guarantees the lender that the loan will be repaid. This used car dealers loan for $51,600 was given to an Oklahoma entrepreneur in 2006.

This small firm knew how to go about getting a business bank loan. Based in Broken Arrow, Oklahoma, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was Arkansas Valley State Bank, based in Broken Arrow, Oklahoma.

SBA Loan Borrower

COMPANY TYPE: USED CAR DEALERS
BROKEN ARROW, OK 74014

SBA Loan Lender

ARKANSAS VALLEY STATE BANK
302 S MAIN
BROKEN ARROW, OK 74012

This lender issued this SBA 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

10/24/2006

Loan Approval Gross Amount

$51,600

Loan Approval from the SBA

Of the total $51,600 loan amount, the SBA guaranteed $43,860.

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 2 employees. The SBA loan documents indicated that the loan would help retain 2 existing jobs.

Getting an SBA Loan For Your Business

If you want money for new small business in Broken Arrow OK, you ought to talk with a local Broken Arrow SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Broken Arrow businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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