Bank Loans for Used Car Dealers
With these bank loans for used car dealers, the SBA guarantees the lender that the loan will be repaid. This used car dealers loan for $560,000 was given to an Utah entrepreneur in 2004.
This small firm received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Americanwest Bank, out of Provo, Utah. The loan was granted and they received $560,000 to help grow their St. George, Utah business.
SBA Loan Borrower
COMPANY TYPE: USED CAR DEALERS
ST. GEORGE, UT 84770
SBA Loan Lender
AMERICANWEST BANK
201 E CENTER ST
PROVO, UT 84606
Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
441120 - Used Car Dealers
Loan Approval Date
9/15/2004
Loan Approval Gross Amount
$560,000
Loan Approval from the SBA
Of the total $560,000 loan amount, the SBA guaranteed $420,000.
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 6 employees. The loan application indicated that the loan would help retain 6 existing jobs.
Getting an SBA Loan For Your Business
The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.
Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $560,000 loan. Remember, where there is a will, there is a way!
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:
SBIR Funding
Who Lends Money to Small Businesses in Provo, Utah
Getting a Business Loan in Utah