Where to Get Capital for Used Car Dealers

Looking for small business loans for used car dealers? Talk to a banker who works with the SBA. This $150,000 used car dealers loan was issued by a Michigan bank.

This company knew how to go about getting a business bank loan. Based in Warren, Michigan, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Peoples State Bank, based in Madison Heights, Michigan.

SBA Loan Borrower

COMPANY TYPE: USED CAR DEALERS
WARREN, MI 48091

SBA Loan Lender

PEOPLES STATE BANK
1800 E 12 MILE RD
MADISON HEIGHTS, MI 48071

This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441120 - Used Car Dealers

Loan Approval Date

9/15/2005

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $150,000 loan. Remember, feel the fear, and do it anyway.

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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