Naugatuck, CT Entrepreneur Gets SBA Loan to Buy Chevrolet Franchise

Need a loan to purchase a Chevrolet franchise? Naugatuck Savings Bank has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Naugatuck, Connecticut needed money to invest in a Chevrolet franchise back in 2004. Naugatuck Savings Bank issued an SBA franchise loan. Here are the details on this Connecticut small business loan.

SBA Loan Borrower

CAM MOTORS CHEVROLET LLC
NAUGATUCK, CT 06770

SBA Loan Lender

NAUGATUCK SAVINGS BANK
251 CHURCH ST
NAUGATUCK, CT 06770

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

423110 - Automobile and Motor Vehicle Merchant Wholesalers

Loan Approval Date

7/19/2004

Loan Approval Gross Amount

$370,000

Loan Approval from the SBA

Of the total $370,000 loan amount, the SBA guaranteed $185,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Chevrolet franchise. At the time of the loan, the company had 26 employees. The SBA loan documents indicated that the loan would help generate 10 new jobs and retain 26 existing jobs.

Start the Process for Getting an SBA Loan Today!

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

We can help you find the best banks for small businesses in Naugatuck or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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.

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