Financing for New Car Dealers

Looking for commercial loans for new car dealers? An SBA loan may be just what you've been looking for. This $1,000,000 new car dealers loan was issued by an Oklahoma bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Tulsa, Oklahoma was able to borrow $1,000,000 from Bancfirst. The SBA made the loan possible by guaranteeing $750,000 of this Oklahoma small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE DEALERS
TULSA, OK 74107

SBA Loan Lender

BANCFIRST
101 N BROADWAY, STE 1050
OKLAHOMA CITY, OK 73102

This SBA loan was granted by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a thorough analysis of the loan application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5511 - Motor Vehicle Dealers

NAICS Code

441110 - New Car Dealers

Loan Approval Date

5/17/2000

Loan Approval Gross Amount

$1,000,000

Loan Approval from the SBA

Of the total $1,000,000 loan amount, the SBA guaranteed $750,000.

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 9 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the funding to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

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 Bancfirst 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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