Loans for New Car Dealers

With these loans for new car dealers, the SBA guarantees the lender that the loan will be repaid. This new car dealers loan for $350,000 was given to a New Hampshire entrepreneur in 2005.

This small firm knew how to go about getting a business bank loan. Based in South Hampton, New Hampshire, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Sovereign Bank, based in Wyomissing, Pennsylvania.

SBA Loan Borrower

COMPANY TYPE: NEW CAR DEALERS
SOUTH HAMPTON, NH 03827

SBA Loan Lender

SOVEREIGN BANK
1130 BERKSHIRE BLVD
WYOMISSING, PA 19610

The lender provided this business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing.

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

441110 - New Car Dealers

Loan Approval Date

5/6/2005

Loan Approval Gross Amount

$350,000

Loan Approval from the SBA

Of the total $350,000 loan amount, the SBA guaranteed $175,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 10 employees. The loan application indicated that the loan would help retain 10 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Sovereign Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Understanding Dilution

SBA Participating Banks in Wyomissing, Pennsylvania

Find an SBA Lender in Pennsylvania