Used Car Dealers SBA Loans

With these SBA loans for used car dealers, the SBA guarantees the lender that the loan will be repaid. This used car dealers loan for $615,000 was given to a Louisiana entrepreneur in 2004.

This business knew how to go about getting a business bank loan. Based in Metairie, Louisiana, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was First Bank And Trust, based in New Orleans, Louisiana.

SBA Loan Borrower

COMPANY TYPE: USED CAR DEALERS
METAIRIE, LA 70003

SBA Loan Lender

FIRST BANK AND TRUST
909 POYDRAS ST, STE 100
NEW ORLEANS, LA 70112

This commercial loan was financed by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a comprehensive analysis of the loan application and, in return, SBA promises a quick answer on whether the loan qualifies.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441120 - Used Car Dealers

Loan Approval Date

4/19/2004

Loan Approval Gross Amount

$615,000

Loan Approval from the SBA

Of the total $615,000 loan amount, the SBA guaranteed $461,250.

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 small business promised to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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 $615,000 loan. Remember, anyone can do it... so why not you?

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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