Small Business Loans for Used Car Dealers

With these small business loans for used car dealers, the SBA guarantees the lender that the loan will be repaid. This used car dealers loan for $100,000 was given to a California entrepreneur in 2002.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Victorville, California was able to borrow $100,000 from East West Bank, A Division Of. The SBA made the loan possible by guaranteeing $85,000 of this California small business loan.

SBA Loan Borrower

COMPANY TYPE: USED CAR DEALERS
VICTORVILLE, CA 92392

SBA Loan Lender

EAST WEST BANK, A DIVISION OF
12530 HESPERIA RD, STE 101
VICTORVILLE, CA 92392

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441120 - Used Car Dealers

Loan Approval Date

4/5/2002

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

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 2 employees. The loan application indicated that the loan would help retain 2 existing jobs.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like East West Bank, A Division Of and they will explain how you can get an SBA loan for your company.

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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