Where to Get Capital for Used Car Dealers

With these small business loans for used car dealers, the SBA guarantees the lender that the loan will be repaid. This used car dealers loan for $70,000 was given to a Massachusetts entrepreneur in 2001.

This company knew how to go about getting a business bank loan. Based in Somerville, Massachusetts, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Rbs Citizens, based in Boston, Massachusetts.

SBA Loan Borrower

COMPANY TYPE: USED CAR DEALERS
SOMERVILLE, MA 02165

SBA Loan Lender

RBS CITIZENS
28 STATE ST
BOSTON, MA 02109

This business loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

6/7/2001

Loan Approval Gross Amount

$70,000

Loan Approval from the SBA

Of the total $70,000 loan amount, the SBA guaranteed $35,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower indicated that the loan would help retain 3 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.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications 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:

Obtaining Funding - How to Borrow Money

Good Banks for Small Business in Boston, Massachusetts

SBA Lenders in Massachusetts