Borrowing Money for Used Car Dealers

Looking for bank loans for used car dealers? An SBA loan may be just what you've been looking for. This $350,000 used car dealers loan was issued by a Minnesota bank.

This small firm knew how to go about getting a business bank loan. Based in Grand Rapids, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Landmark Commun Bank, based in Isanti, Minnesota.

SBA Loan Borrower

COMPANY TYPE: USED CAR DEALERS
GRAND RAPIDS, MN 55744

SBA Loan Lender

LANDMARK COMMUN BANK
29 W MAIN ST
ISANTI, MN 55040

This bank loan was provided by a banker with SBA Certified Lenders Program (CLP) status. CLP lenders who submit loan requests to the SBA get more expeditious service from the SBA on their loan applications.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441120 - Used Car Dealers

Loan Approval Date

10/15/2001

Loan Approval Gross Amount

$350,000

Loan Approval from the SBA

Of the total $350,000 loan amount, the SBA guaranteed $262,500.

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 12 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the funding to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you are raising money in Grand Rapids MN, you ought to talk with a local Grand Rapids SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Grand Rapids businesses.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Dealing With Venture Capitalists

Small Business Banks in Isanti, Minnesota

SBA Minnesota Lenders