Borrowing Money for Used Car Dealers

Looking for bank loans for used car dealers? The SBA may be the answer. This $90,000 used car dealers loan was issued by a Virginia bank.

Getting a small business loan in Haymarket, Virginia was important for this company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from United Bank, operating out of Winchester, Virginia. Here are the details on this Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE DEALERS
HAYMARKET, VA 20169

SBA Loan Lender

UNITED BANK
4095 VALLEY PIKE
WINCHESTER, VA 22602

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5521 - Motor Vehicle Dealers

NAICS Code

441120 - Used Car Dealers

Loan Approval Date

7/26/2002

Loan Approval Gross Amount

$90,000

Loan Approval from the SBA

Of the total $90,000 loan amount, the SBA guaranteed $76,500.

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 only one employee. This SBA loan request did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are working on finding money to start a business in Haymarket VA, you ought to talk with a local Haymarket SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Haymarket businesses.

We've showcased information on this loan to let you know that businesses like yours 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:

SBIR Funding

SBA 7A Banks in Winchester, Virginia

Getting an SBA Loan in Virginia