Used Car Dealers Small Business Loans

With these small business loans for used car dealers, the SBA guarantees the lender that the loan will be repaid. This used car dealers loan for $100,000 was given to an Utah entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Midvale, Utah was able to borrow $100,000 from Bank Of American Fork. The SBA made the loan possible by guaranteeing $50,000 of this Utah small business loan.

SBA Loan Borrower

COMPANY TYPE: USED CAR DEALERS
MIDVALE, UT 84047

SBA Loan Lender

BANK OF AMERICAN FORK
33 E MAIN
AMERICAN FORK, UT 84003

This debt financing was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

4/15/2003

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $50,000.

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 5 employees. The SBA loan application for the borrower indicated that the loan would help generate 3 new jobs and retain 5 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

Every year, the SBA guarantees over $10 billion for loans just like this one.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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

Small Bank Loans in American Fork, Utah

Utah SBA Banks