Business Loans for Motor Vehicle Dealers

With these business loans for motor vehicle dealers, the SBA guarantees the lender that the loan will be repaid. This motor vehicle dealers loan for $4,500 was given to a Georgia entrepreneur in 2007.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Kennesaw, Georgia was able to borrow $4,500 from Bank Of America. The SBA made the loan possible by guaranteeing $2,250 of this Georgia small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE DEALERS
KENNESAW, GA 30144

SBA Loan Lender

BANK OF AMERICA
100 N TRYON ST
CHARLOTTE, NC 28255

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

441229 - Motor Vehicle Dealers

Loan Approval Date

5/2/2007

Loan Approval Gross Amount

$4,500

Loan Approval from the SBA

Of the total $4,500 loan amount, the SBA guaranteed $2,250.

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 only one employee. The SBA loan application for the borrower indicated that the loan would help retain 1 existing job.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Bank Of America and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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