Commercial Loans for Automobile and Motor Vehicle Wholesalers

With these commercial loans for automobile and motor vehicle wholesalers, the SBA guarantees the lender that the loan will be repaid. This automobile and motor vehicle wholesalers loan for $1,100,000 was given to a Louisiana entrepreneur in 2002.

This business knew how to go about getting a business bank loan. Based in Norco, Louisiana, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Source Business & Indust Devel Cor, based in Baton Rouge, Louisiana.

SBA Loan Borrower

COMPANY TYPE: AUTOMOBILE AND MOTOR VEHICLE WHOLESALERS
NORCO, LA 70079

SBA Loan Lender

SOURCE BUSINESS & INDUST DEVEL COR
9400 OLD HAMMOND HIGHWAY,
BATON ROUGE, LA 70809

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

421110 - Automobile and Motor Vehicle Wholesalers

Loan Approval Date

9/17/2002

Loan Approval Gross Amount

$1,100,000

Loan Approval from the SBA

Of the total $1,100,000 loan amount, the SBA guaranteed $825,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 41 employees. The SBA loan application for the borrower indicated that the loan would help generate 1 new job and retain 41 existing jobs.

Start the Process for Getting an SBA Loan Today!

Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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