El Dorado, KS Entrepreneur Gets SBA Loan to Buy Chrysler Franchise

Borrowing money to purchase a Chrysler franchise? Intrust Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Chrysler franchise requires some effort but others before you have been successful. In 2000, Intrust Bank issued an SBA franchise loan to an entrepreneur in El Dorado, Kansas. Because Chrysler was registered with the SBA's registry of franchises, this Kansas small business loan was issued on an expedited basis.

SBA Loan Borrower

MADDEN MOTORS, LLC
EL DORADO, KS 67042

SBA Loan Lender

INTRUST BANK
100 S MAIN ST
EL DORADO, KS 67042

This lender issued this particular SBA 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.

SIC Code

5511 - Motor Vehicle Dealers

NAICS Code

441110 - New Car Dealers

Loan Approval Date

2/18/2000

Loan Approval Gross Amount

$70,000

Loan Approval from the SBA

Of the total $70,000 loan amount, the SBA guaranteed $56,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Chrysler franchise. At the time of the loan, the company had 8 employees. The loan application did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

Small Business Loan

Best Banks for Small Business in El Dorado, Kansas

Getting an SBA Loan in Kansas