Raising Money 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 $25,000 was given to a Texas entrepreneur in 2002.

Getting a small business loan in Harlingen, Texas was important for this growing firm back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Texas State Bank, operating out of Weslaco, Texas. Here are the details on this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: NEW CAR DEALERS
HARLINGEN, TX 78550

SBA Loan Lender

TEXAS STATE BANK
500 S MISSOURI
WESLACO, TX 78596

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441110 - New Car Dealers

Loan Approval Date

10/16/2002

Loan Approval Gross Amount

$25,000

Loan Approval from the SBA

Of the total $25,000 loan amount, the SBA guaranteed $21,250.

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 2 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

This SBA loan was for $25,000. How would you spend $25,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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:

Obtaining Funding - How to Borrow Money

SBA Approved Banks in Weslaco, Texas

Where to Get an SBA Loan Texas