Raising Money for Motor Vehicle Dealers
Looking for bank loans for motor vehicle dealers? The SBA may be the answer. This $150,000 motor vehicle dealers loan was issued by a Colorado bank.
This small firm knew how to go about getting a business bank loan. Based in La Junta, Colorado, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Colorado East Bank & Trust, based in La Junta, Colorado.
SBA Loan Borrower
COMPANY TYPE: MOTOR VEHICLE DEALERS
LA JUNTA, CO 81050
SBA Loan Lender
COLORADO EAST BANK & TRUST
310 E 3RD ST
LA JUNTA, CO 81050
This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
441229 - Motor Vehicle Dealers
Loan Approval Date
6/5/2003
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. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 3 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans provide money to small business owners for working capital for other expenses.
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 Colorado East Bank & Trust 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:
Direct Public Offerings
SBA 7A Lenders in La Junta, Colorado
SBA Lenders in Colorado