Financing for Used Car Dealers

With these loans for used car dealers, the SBA guarantees the lender that the loan will be repaid. This used car dealers loan for $125,000 was given to a West Virginia entrepreneur in 2007.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Wheeling, West Virginia was able to borrow $125,000 from United Bank. The SBA made the loan possible by guaranteeing $62,500 of this West Virginia small business loan.

SBA Loan Borrower

COMPANY TYPE: USED CAR DEALERS
WHEELING, WV 26003

SBA Loan Lender

UNITED BANK
514 MARKET ST
PARKERSBURG, WV 26101

This SBA small business 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

5/1/2007

Loan Approval Gross Amount

$125,000

Loan Approval from the SBA

Of the total $125,000 loan amount, the SBA guaranteed $62,500.

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.

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

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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