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November 15, 2024 |
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| Home > Small Business Lenders by State > New Jersey Business Loan Sources > Charlotte, Business Loans > Bank Of America Charlotte Business Loans > Used Car Dealers Loan | ||||
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Paterson, New Jersey Bank Loan
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SBA Loans for Used Car DealersLooking for SBA loans for used car dealers? The SBA may be the answer. This $12,000 used car dealers loan was issued by a North Carolina bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Paterson, New Jersey was able to borrow $12,000 from Bank Of America. The SBA made the loan possible by guaranteeing $6,000 of this New Jersey small business loan. SBA Loan Borrower COMPANY TYPE: USED CAR DEALERS SBA Loan Lender BANK OF AMERICA This lender processed this loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis. 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 11/7/2006 Loan Approval Gross Amount $12,000 Loan Approval from the SBA Of the total $12,000 loan amount, the SBA guaranteed $6,000. 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 2 employees. This SBA loan request indicated that the loan would help retain 2 existing jobs. Great, But How Can I Get an SBA Loan for My Business? Remember, you 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. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bank Of America that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). 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: Best Charlotte, North Carolina Banks for Small Business
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