Financing for New Car Dealers

Looking for commercial loans for new car dealers? Try the SBA. This $1,575,000 new car dealers loan was issued by a South Carolina bank.

This business received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with First National Bank - So. D/b/a 1st, out of Spartanburg, South Carolina. The loan was granted and they received $1,575,000 to help grow their Spartanburg, South Carolina business.

SBA Loan Borrower

COMPANY TYPE: NEW CAR DEALERS
SPARTANBURG, SC 29301

SBA Loan Lender

FIRST NATIONAL BANK - SO. D/B/A 1ST
215 N PINE ST
SPARTANBURG, SC 29302

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441110 - New Car Dealers

Loan Approval Date

2/23/2005

Loan Approval Gross Amount

$1,575,000

Loan Approval from the SBA

Of the total $1,575,000 loan amount, the SBA guaranteed $1,181,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 51 employees. This SBA loan request indicated that the loan would help retain 51 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First National Bank - So. D/b/a 1st had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First National Bank - So. D/b/a 1st made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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.

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