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 $1,572,000 was given to a Washington entrepreneur in 2004.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Fife, Washington was able to borrow $1,572,000 from Bank Of The West. The SBA made the loan possible by guaranteeing $1,179,000 of this Washington small business loan.

SBA Loan Borrower

COMPANY TYPE: USED CAR DEALERS
FIFE, WA 98424

SBA Loan Lender

BANK OF THE WEST
10181 TRUCKEE TAHOE AIRPORT R
TRUCKEE, CA 96161

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

441120 - Used Car Dealers

Loan Approval Date

9/20/2004

Loan Approval Gross Amount

$1,572,000

Loan Approval from the SBA

Of the total $1,572,000 loan amount, the SBA guaranteed $1,179,000.

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 3 employees. The loan application indicated that the loan would help generate 4 new jobs and retain 7 existing jobs.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bank Of The West 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:

Financing Your Business

SBA Participating Banks in Truckee, California

Find an SBA Lender in California