Getting an SBA Loan for Used Car Dealers

With these commercial loans for used car dealers, the SBA guarantees the lender that the loan will be repaid. This used car dealers loan for $49,900 was given to a New Hampshire entrepreneur in 2007.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Manchester, New Hampshire was able to borrow $49,900 from St. Mary's Bank. The SBA made the loan possible by guaranteeing $24,950 of this New Hampshire small business loan.

SBA Loan Borrower

COMPANY TYPE: USED CAR DEALERS
MANCHESTER, NH 03104

SBA Loan Lender

ST. MARY'S BANK
200 MCGREGOR ST
MANCHESTER, NH 03102

This lender processed this commercial 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.

NAICS Code

441120 - Used Car Dealers

Loan Approval Date

1/4/2007

Loan Approval Gross Amount

$49,900

Loan Approval from the SBA

Of the total $49,900 loan amount, the SBA guaranteed $24,950.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. This SBA loan request indicated that the loan would help generate 1 new job and retain 1 existing job.

Getting an SBA Loan For Your Business

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like St. Mary's Bank 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:

SBIR Funding

Good Banks for Small Business in Manchester, New Hampshire

SBA Lenders in New Hampshire