Used Car Dealers Loans
With these loans for used car dealers, the SBA guarantees the lender that the loan will be repaid. This used car dealers loan for $450,000 was given to an Oklahoma entrepreneur in 2003.
Getting a small business loan in Broken Arrow, Oklahoma was important for this company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Bancfirst, operating out of Oklahoma City, Oklahoma. Here are the details on this Oklahoma small business loan.
SBA Loan Borrower
COMPANY TYPE: USED CAR DEALERS
BROKEN ARROW, OK 74012
SBA Loan Lender
BANCFIRST
101 N BROADWAY, STE 1050
OKLAHOMA CITY, OK 73102
This loan for a small business was issued by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a complete analysis of the loan application and, in return, SBA provides a rapid loan approval or denial response.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
441120 - Used Car Dealers
Loan Approval Date
7/1/2003
Loan Approval Gross Amount
$450,000
Loan Approval from the SBA
Of the total $450,000 loan amount, the SBA guaranteed $337,500.
More Information on This SBA Loan
The borrower borrowed this money for a new 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 2 employees. The loan application did not indicate that the company planned to use the funding to add employees or retain any existing employees.
Next Steps for Getting an SBA Loan
For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.
SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Bancfirst and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!
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:
Attracting Investors
Who Lends Money to Small Businesses in Oklahoma City, Oklahoma
Getting an SBA Loan in Oklahoma