First Commonwealth Bank Provides SBA Loan to Buy Ford Motor dealers Franchise

Borrowing money to buy a Ford Motor dealers franchise? First Commonwealth Bank has a history of making these loans and they are guaranteed by the SBA.

Want to borrow money to buy a Ford Motor dealers franchise? If so, here's a 2002 SBA franchise loan that you should know about. First Commonwealth Bank was the lender and the entrepreneur was based in St. Marys, Pennsylvania.

SBA Loan Borrower

ELK FORD LINCOLN MERCURY, INC.
ST. MARYS, PA 15857

SBA Loan Lender

FIRST COMMONWEALTH BANK
RTE 220 & N JUNIATA ST
HOLLIDAYSBURG, PA 16648

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441110 - New Car Dealers

Loan Approval Date

3/11/2002

Loan Approval Gross Amount

$1,450,000

Loan Approval from the SBA

Of the total $1,450,000 loan amount, the SBA guaranteed $999,920.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Ford Motor dealers franchise. At the time of the loan, the company had 30 employees. The SBA loan documents did not indicate that the company planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

We can help you find the best banks for small businesses in St. Marys or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

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SBA 7A Banks in Hollidaysburg, Pennsylvania

Pennsylvania SBA Banks