Raising Money for Tire Dealers
With these business loans for tire dealers, the SBA guarantees the lender that the loan will be repaid. This tire dealers loan for $822,000 was given to a Texas entrepreneur in 2002.
This small business knew how to go about getting a business bank loan. Based in Mc Allen, Texas, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Cit Small Business Lending Corp, based in Livingston, New Jersey.
SBA Loan Borrower
COMPANY TYPE: TIRES AND TUBES
MC ALLEN, TX 78501
SBA Loan Lender
CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039
This SBA loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5014 - Tires and Tubes
NAICS Code
441320 - Tire Dealers
Loan Approval Date
4/3/2002
Loan Approval Gross Amount
$822,000
Loan Approval from the SBA
Of the total $822,000 loan amount, the SBA guaranteed $616,500.
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 20 employees. The SBA loan documents did not indicate that the company promised to use the money to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Cit Small Business Lending Corp 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:
Obtaining Funding From a Venture Capitalist
Small Business Banks in Livingston, New Jersey
SBA Lenders in New Jersey