Financing for Motor Vehicle Supplies and New Parts Wholesalers

Looking for loans for motor vehicle supplies and new parts wholesalers? Try the SBA. This $150,000 motor vehicle supplies and new parts wholesalers loan was issued by a Minnesota bank.

This company received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Peoples Bank Of Commerce, out of Cambridge, Minnesota. The loan was granted and they received $150,000 to help grow their Cambridge, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE SUPPLIES AND NEW PARTS
CAMBRIDGE, MN 55008

SBA Loan Lender

PEOPLES BANK OF COMMERCE
234 E 1ST AVE
CAMBRIDGE, MN 55008

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5013 - Motor Vehicle Supplies and New Parts

NAICS Code

421120 - Motor Vehicle Supplies and New Parts Wholesalers

Loan Approval Date

9/17/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 22 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Peoples Bank Of Commerce that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Small Business Loan

SBA Approved Banks in Cambridge, Minnesota

Browse All Business Loan Sources for Minnesota