SBA Loans for Used Car Dealers

Looking for SBA loans for used car dealers? An SBA loan may be just what you've been looking for. This $260,000 used car dealers loan was issued by an Ohio bank.

This small business knew how to go about getting a business bank loan. Based in North Ridgeville, Ohio, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Firstmerit Bank, based in Elyria, Ohio.

SBA Loan Borrower

COMPANY TYPE: USED CAR DEALERS
NORTH RIDGEVILLE, OH 44039

SBA Loan Lender

FIRSTMERIT BANK
105 COURT ST
ELYRIA, OH 44035

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441120 - Used Car Dealers

Loan Approval Date

8/15/2001

Loan Approval Gross Amount

$260,000

Loan Approval from the SBA

Of the total $260,000 loan amount, the SBA guaranteed $195,000.

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 4 employees. The SBA loan documents did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Firstmerit Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Bank Credit Lines

Good Banks for Small Business in Elyria, Ohio

SBA Lenders in Ohio