Financing for Used Car Dealers

Looking for loans for used car dealers? An SBA loan may be just what you've been looking for. This $171,800 used car dealers loan was issued by a Connecticut bank.

This small firm knew how to go about getting a business bank loan. Based in Plainville, Connecticut, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was Webster Bank, based in Cheshire, Connecticut.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE DEALERS
PLAINVILLE, CT 06062

SBA Loan Lender

WEBSTER BANK
609 W JOHNSON AVE
CHESHIRE, CT 06410

This loan for a small business was sent in by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a thorough analysis of the loan application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5521 - Motor Vehicle Dealers

NAICS Code

441120 - Used Car Dealers

Loan Approval Date

11/1/2000

Loan Approval Gross Amount

$171,800

Loan Approval from the SBA

Of the total $171,800 loan amount, the SBA guaranteed $128,850.

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

Next Steps for Getting an SBA Loan

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.

We can help you find the best banks for small businesses in Plainville or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Role of Business Plan When Raising Money

Banks in Cheshire, Connecticut

Getting a Business Loan in Connecticut