Financing for Automobile and Motor Vehicle Wholesalers

Looking for loans for automobile and motor vehicle wholesalers? The SBA may be the answer. This $500,000 automobile and motor vehicle wholesalers loan was issued by a California bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Stockton, California was able to borrow $500,000 from Service 1st Bank. The SBA made the loan possible by guaranteeing $375,000 of this California small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTOMOBILES AND OTHER MOTOR VEHICLES
STOCKTON, CA 95208

SBA Loan Lender

SERVICE 1ST BANK
2800 W MARCH LN, STE 120
STOCKTON, CA 95219

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This commercial loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5012 - Automobiles and Other Motor Vehicles

NAICS Code

421110 - Automobile and Motor Vehicle Wholesalers

Loan Approval Date

7/2/2003

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $375,000.

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 35 employees. This SBA loan request did not indicate that the small business promised to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are raising money in Stockton CA, you ought to talk with a local Stockton SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Stockton businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

The Art of Bootstrapping

Who Lends Money to Small Businesses in Stockton, California

California SBA 7A Banks