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November 21, 2024 |
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| Home > Small Business Lenders by State > Texas Business Loan Sources > Fort Worth, Business Loans > Riverbend Bank Fort Worth Business Loans > Used Car Dealers Loan | ||||
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Small Business Banks in Texas
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Getting an SBA Loan for Used Car DealersLooking for SBA loans for used car dealers? Talk to a banker who works with the SBA. This $150,000 used car dealers loan was issued by a Texas bank. This business knew how to go about getting a business bank loan. Based in Fort Worth, Texas, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Riverbend Bank, based in Fort Worth, Texas. SBA Loan Borrower COMPANY TYPE: USED CAR DEALERS SBA Loan Lender RIVERBEND BANK This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 441120 - Used Car Dealers Loan Approval Date 4/7/2003 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 a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 3 employees. The loan application did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan Every year, the SBA guarantees over $10 billion for loans just like this one. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Riverbend Bank 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: Best Banks in Fort Worth, Texas
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