Used Car Dealers Loans

Looking for loans for used car dealers? The SBA may be the answer. This $31,800 used car dealers loan was issued by an Illinois bank.

Getting a small business loan in Eldorado, Illinois was important for this company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from First State Bank, operating out of Eldorado, Illinois. Here are the details on this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE DEALERS
ELDORADO, IL 62930

SBA Loan Lender

FIRST STATE BANK
946 FOURTH ST
ELDORADO, IL 62930

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5521 - Motor Vehicle Dealers

NAICS Code

441120 - Used Car Dealers

Loan Approval Date

5/20/2003

Loan Approval Gross Amount

$31,800

Loan Approval from the SBA

Of the total $31,800 loan amount, the SBA guaranteed $27,030.

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 2 employees. The loan application did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees.

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

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $31,800 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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:

Business Line of Credit

Small Business Banks in Eldorado, Illinois

Getting an SBA Loan in Illinois