How to Get a Loan for Motor Vehicle Towing

Looking for commercial loans for motor vehicle towing? The SBA may be the answer. This $65,000 motor vehicle towing loan was issued by a North Dakota bank.

This business received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with First St. Bank - No. Dakota, out of Buffalo, North Dakota. The loan was granted and they received $65,000 to help grow their Page, North Dakota business.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE SERVICES
PAGE, ND 58064

SBA Loan Lender

FIRST ST. BANK - NO. DAKOTA
405 MAIN ST
BUFFALO, ND 58011

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7549 - Automotive Services

NAICS Code

488410 - Motor Vehicle Towing

Loan Approval Date

10/14/2005

Loan Approval Gross Amount

$65,000

Loan Approval from the SBA

Of the total $65,000 loan amount, the SBA guaranteed $55,250.

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 only one employee. This SBA loan request did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

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

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.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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Small Bank Loans in Buffalo, North Dakota

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