Small Business Loans for Motor Vehicle Supplies and New Parts Merchant Wholesalers

Looking for small business loans for motor vehicle supplies and new parts merchant wholesalers? Talk to a banker who works with the SBA. This $1,475,000 motor vehicle supplies and new parts merchant wholesalers loan was issued by an Ohio bank.

Getting a small business loan in Brooklyn, Ohio was important for this growing firm back in 2003 and, based on their loan application, they were successful in getting an SBA loan from National City Bank, operating out of Cleveland, Ohio. Here are the details on this Ohio small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE SUPPLIES AND NEW PARTS MERCHANT WHOLESALERS
BROOKLYN, OH 44129

SBA Loan Lender

NATIONAL CITY BANK
1900 E 9TH ST
CLEVELAND, OH 44114

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This bank loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

423120 - Motor Vehicle Supplies and New Parts Merchant Wholesalers

Loan Approval Date

12/12/2003

Loan Approval Gross Amount

$1,475,000

Loan Approval from the SBA

Of the total $1,475,000 loan amount, the SBA guaranteed $993,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 55 employees. The loan application did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

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

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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 National City Bank 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:

Obtaining Funding - Friends and Family

SBA Approved Banks in Cleveland, Ohio

Getting an SBA Loan in Ohio