Used Car Dealers Commercial Loans

With these commercial loans for used car dealers, the SBA guarantees the lender that the loan will be repaid. This used car dealers loan for $250,000 was given to a Pennsylvania entrepreneur in 2004.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Tyrone, Pennsylvania was able to borrow $250,000 from First Commonwealth Bank. The SBA made the loan possible by guaranteeing $125,000 of this Pennsylvania small business loan.

SBA Loan Borrower

COMPANY TYPE: USED CAR DEALERS
TYRONE, PA 16686

SBA Loan Lender

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

This commercial loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

441120 - Used Car Dealers

Loan Approval Date

3/29/2004

Loan Approval Gross Amount

$250,000

Loan Approval from the SBA

Of the total $250,000 loan amount, the SBA guaranteed $125,000.

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 only one employee. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 1 existing job.

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

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

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First Commonwealth Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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