Bank Loans for New Car Dealers

With these bank loans for new car dealers, the SBA guarantees the lender that the loan will be repaid. This new car dealers loan for $127,000 was given to an Indiana entrepreneur in 2005.

Getting a small business loan in Gary, Indiana was important for this company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Peoples Bank Sb, operating out of Munster, Indiana. Here are the details on this Indiana small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE DEALERS
GARY, IN 46404

SBA Loan Lender

PEOPLES BANK SB
9204 COLUMBIA AVE, BLDG B
MUNSTER, IN 46321

This commercial loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5521 - Motor Vehicle Dealers

NAICS Code

441110 - New Car Dealers

Loan Approval Date

6/16/2005

Loan Approval Gross Amount

$127,000

Loan Approval from the SBA

Of the total $127,000 loan amount, the SBA guaranteed $95,250.

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

Start the Process for Getting an SBA Loan Today!

Remember, 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.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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SBA Participating Banks in Munster, Indiana

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