Bank Loans for New Car Dealers

With these bank loans for new car dealers, the SBA guarantees the lender that the loan will be repaid. This new car dealers loan for $324,000 was given to a New Mexico entrepreneur in 2007.

This small firm received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with First National Bank, out of Fabens, Texas. The loan was granted and they received $324,000 to help grow their Sunland Park, New Mexico business.

SBA Loan Borrower

COMPANY TYPE: NEW CAR DEALERS
SUNLAND PARK, NM 88008

SBA Loan Lender

FIRST NATIONAL BANK
1500 N FABENS RD
FABENS, TX 79838

This lender issued this business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441110 - New Car Dealers

Loan Approval Date

9/28/2007

Loan Approval Gross Amount

$324,000

Loan Approval from the SBA

Of the total $324,000 loan amount, the SBA guaranteed $243,000.

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 4 employees. The SBA loan application for the borrower indicated that the funding would help generate 4 new jobs.

Start the Process for Getting an SBA Loan Today!

SBA loans provide money to small business owners for working capital for other expenses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First National Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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