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December 22, 2024 |
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| Home > Small Business Lenders by State > New York Business Loan Sources > Las Vegas, Business Loans > Citibank Las Vegas Business Loans > New Car Dealers Loan | ||||
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Raising Money in Long Beach, New York With SBA Loans
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Small Business Loans for New Car DealersWith these small business loans for new car dealers, the SBA guarantees the lender that the loan will be repaid. This new car dealers loan for $50,000 was given to a New York entrepreneur in 2007. This small firm knew how to go about getting a business bank loan. Based in Long Beach, New York, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was Citibank, based in Las Vegas, Nevada. SBA Loan Borrower COMPANY TYPE: NEW CAR DEALERS SBA Loan Lender CITIBANK 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 441110 - New Car Dealers Loan Approval Date 2/28/2007 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $25,000. 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 2 employees. The loan application indicated that the loan would help retain 2 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Citibank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Best Banks in Las Vegas, Nevada
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