New Car Dealers Commercial Loans

With these commercial loans for new car dealers, the SBA guarantees the lender that the loan will be repaid. This new car dealers loan for $50,000 was given to a Pennsylvania entrepreneur in 2000.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Titusville, Pennsylvania was able to borrow $50,000 from National City Bank. The SBA made the loan possible by guaranteeing $40,000 of this Pennsylvania small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE DEALERS
TITUSVILLE, PA 16354

SBA Loan Lender

NATIONAL CITY BANK
801 STATE ST
ERIE, PA 16501

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide SBA bank loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5521 - Motor Vehicle Dealers

NAICS Code

441110 - New Car Dealers

Loan Approval Date

10/5/2000

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $40,000.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 2 employees. The loan application did not indicate that the business promised to use the funding to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

If you want money for new small business in Titusville PA, you ought to talk with a local Titusville SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Titusville 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:

Borrowing Money from Friends and Family

SBA Approved Banks in Erie, Pennsylvania

Pennsylvania SBA 7A Banks