Commercial Loans for Used Car Dealers
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 $17,500 was given to a Massachusetts entrepreneur in 2003.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in West Boylston, Massachusetts was able to borrow $17,500 from Bank Of America. The SBA made the loan possible by guaranteeing $8,750 of this Massachusetts small business loan.
SBA Loan Borrower
COMPANY TYPE: USED CAR DEALERS
WEST BOYLSTON, MA 01583
SBA Loan Lender
BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903
This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.
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
4/11/2003
Loan Approval Gross Amount
$17,500
Loan Approval from the SBA
Of the total $17,500 loan amount, the SBA guaranteed $8,750.
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 only one employee. This SBA loan request indicated that the loan would help retain 1 existing job.
Getting an SBA Loan For Your Business
If you are wondering how to raise money for a company in West Boylston MA, you ought to talk with a local West Boylston SBA lender or talk with an out-of-area SBA lender that has previously loaned money to West Boylston 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 Bank Of America 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.
Related Links:
Business Line of Credit
Small Bank Loans in Providence, Rhode Island
Rhode Island SBA Bank Lenders