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November 15, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Wyoming, Business Loans > The Riverbank Wyoming Business Loans > Used Car Dealers Loan | ||||
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We Needed an SBA 7A Loan in Pine City, Minnesota and We Got One!
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Getting an SBA Loan for Used Car DealersLooking for SBA loans for used car dealers? The SBA may be the answer. This $250,000 used car dealers loan was issued by a Minnesota bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Pine City, Minnesota was able to borrow $250,000 from The Riverbank. The SBA made the loan possible by guaranteeing $125,000 of this Minnesota small business loan. SBA Loan Borrower COMPANY TYPE: USED CAR DEALERS SBA Loan Lender THE RIVERBANK 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 441120 - Used Car Dealers Loan Approval Date 10/27/2006 Loan Approval Gross Amount $250,000 Loan Approval from the SBA Of the total $250,000 loan amount, the SBA guaranteed $125,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 25 employees. The SBA loan documents indicated that the loan would help retain 25 existing jobs. Great, But How Can I Get an SBA Loan for My Business? Many small businesses receive loans backed by the U.S. Small Business Administration. We've showcased information on this loan to let you know that businesses like yours 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. Related Links: Determining Proper Capital Structure for a Business Find an SBA Lender in Wyoming, Minnesota
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