How to Get a Loan for Motor Vehicle Towing

With these business loans for motor vehicle towing, the SBA guarantees the lender that the loan will be repaid. This motor vehicle towing loan for $765,000 was given to a California entrepreneur in 2008.

This business received financial assistance through the SBA's lending programs back in 2008. They applied for an SBA loan with Sterling Savings Bank, out of Spokane, Washington. The loan was granted and they received $765,000 to help grow their Vallejo, California business.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE TOWING
VALLEJO, CA 94589

SBA Loan Lender

STERLING SAVINGS BANK
111 N WALL ST, MAIL STOP #952
SPOKANE, WA 99201

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

488410 - Motor Vehicle Towing

Loan Approval Date

1/25/2008

Loan Approval Gross Amount

$765,000

Loan Approval from the SBA

Of the total $765,000 loan amount, the SBA guaranteed $573,750.

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 5 employees. The SBA loan application for the borrower indicated that the loan would help retain 4 existing jobs.

Next Steps for Getting an SBA Loan

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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Sterling Savings 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.

Related Links:

Obtaining Funding - How to Borrow Money

SBA 7A Banks in Spokane, Washington

SBA Participating Banks in Washington