Financing for Motor Vehicle Dealers

With these commercial loans for motor vehicle dealers, the SBA guarantees the lender that the loan will be repaid. This motor vehicle dealers loan for $421,200 was given to a North Carolina entrepreneur in 2005.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Goldsboro, North Carolina was able to borrow $421,200 from New Century Bank. The SBA made the loan possible by guaranteeing $315,900 of this North Carolina small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE DEALERS
GOLDSBORO, NC 27530

SBA Loan Lender

NEW CENTURY BANK
700 W CUMBERLAND ST
DUNN, NC 28334

This lender issued this loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441229 - Motor Vehicle Dealers

Loan Approval Date

10/11/2005

Loan Approval Gross Amount

$421,200

Loan Approval from the SBA

Of the total $421,200 loan amount, the SBA guaranteed $315,900.

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 6 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start a small business or already have a business and need money to expand, an SBA loan can be a great source of funding.

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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