Borrowing Money for Recreational Vehicle Dealers

With these small business loans for recreational vehicle dealers, the SBA guarantees the lender that the loan will be repaid. This recreational vehicle dealers loan for $194,200 was given to a Texas entrepreneur in 2002.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in El Paso, Texas was able to borrow $194,200 from Cit Small Business Lending Corp. The SBA made the loan possible by guaranteeing $145,650 of this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: RECREATIONAL VEHICLE DEALERS
EL PASO, TX 79915

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441210 - Recreational Vehicle Dealers

Loan Approval Date

5/10/2002

Loan Approval Gross Amount

$194,200

Loan Approval from the SBA

Of the total $194,200 loan amount, the SBA guaranteed $145,650.

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 9 employees. The loan application indicated that the loan would help generate 3 new jobs and retain 6 existing jobs.

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $194,200 loan. Remember, where there is a will, there is a way!

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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