How to Get a Loan for New Car Dealers

Looking for business loans for new car dealers? The SBA may be the answer. This $616,500 new car dealers loan was issued by a California bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Santa Maria, California was able to borrow $616,500 from Montecito Bank & Trust. The SBA made the loan possible by guaranteeing $462,375 of this California small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE DEALERS
SANTA MARIA, CA 93454

SBA Loan Lender

MONTECITO BANK & TRUST
1106 COAST VILLAGE RD
SANTA BARBARA, CA 93108

This lender provides SBA business loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5511 - Motor Vehicle Dealers

NAICS Code

441110 - New Car Dealers

Loan Approval Date

6/12/2000

Loan Approval Gross Amount

$616,500

Loan Approval from the SBA

Of the total $616,500 loan amount, the SBA guaranteed $462,375.

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 25 employees. The SBA loan application for the borrower indicated that the loan would help generate 5 new jobs and retain 25 existing jobs.

Getting an SBA Loan For Your 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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Montecito Bank & Trust and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Startup Funding Tip

Banks in Santa Barbara, California

California SBA Bank Lenders