Raising Money for New Car Dealers

Looking for business loans for new car dealers? Try the SBA. This $300,000 new car dealers loan was issued by a Minnesota bank.

This small business knew how to go about getting a business bank loan. Based in Roseville, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was First National Bank, based in Fulda, Minnesota.

SBA Loan Borrower

COMPANY TYPE: NEW CAR DEALERS
ROSEVILLE, MN 55113

SBA Loan Lender

FIRST NATIONAL BANK
109 N ST. PAUL AVE
FULDA, MN 56131

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441110 - New Car Dealers

Loan Approval Date

3/15/2007

Loan Approval Gross Amount

$300,000

Loan Approval from the SBA

Of the total $300,000 loan amount, the SBA guaranteed $270,000.

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 3 employees. This SBA loan request indicated that the loan would help retain 3 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from First National 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:

Alternative Financing

SBA 7A Banks in Fulda, Minnesota

SBA Lenders in Minnesota