Getting an SBA Loan for Motor Vehicle Supplies and New Parts Merchant Wholesalers

With these business loans for motor vehicle supplies and new parts merchant wholesalers, the SBA guarantees the lender that the loan will be repaid. This motor vehicle supplies and new parts merchant wholesalers loan for $25,400 was given to an Iowa entrepreneur in 2005.

This business knew how to go about getting a business bank loan. Based in Glenwood, Iowa, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was First National Bank Of Omaha, based in Omaha, Nebraska.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE SUPPLIES AND NEW PARTS MERCHANT WHOLESALERS
GLENWOOD, IA 51534

SBA Loan Lender

FIRST NATIONAL BANK OF OMAHA
1620 DODGE ST
OMAHA, NE 68197

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

423120 - Motor Vehicle Supplies and New Parts Merchant Wholesalers

Loan Approval Date

3/24/2005

Loan Approval Gross Amount

$25,400

Loan Approval from the SBA

Of the total $25,400 loan amount, the SBA guaranteed $21,590.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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. This SBA loan request did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't forget. To get an SBA loan, you must 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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First National Bank Of Omaha 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.

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