Commercial Loans for Used Car Dealers
Looking for commercial loans for used car dealers? The SBA may be the answer. This $71,700 used car dealers loan was issued by a Rhode Island bank.
This business received financial assistance through the SBA's lending programs back in 2000. They applied for an SBA loan with Bank Of America, out of Providence, Rhode Island. The loan was granted and they received $71,700 to help grow their Lakewood, New Jersey business.
SBA Loan Borrower
COMPANY TYPE: MOTOR VEHICLE DEALERS
LAKEWOOD, NJ 08701
SBA Loan Lender
BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903
This lender processed this small business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.
SBA Loan Program Type
This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.
SIC Code
5521 - Motor Vehicle Dealers
NAICS Code
441120 - Used Car Dealers
Loan Approval Date
9/29/2000
Loan Approval Gross Amount
$71,700
Loan Approval from the SBA
Of the total $71,700 loan amount, the SBA guaranteed $35,850.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 4 employees. The loan application indicated that the loan would help generate 2 new jobs and retain 6 existing jobs.
Next Steps for Getting an SBA Loan
The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.
This SBA loan was for $71,700. How would you spend $71,700 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:
Getting a Small Business Loan
Best Banks for Small Business in Providence, Rhode Island
Getting an SBA Loan in Rhode Island