Getting an SBA Loan for Used Car Dealers
Looking for SBA loans for used car dealers? The SBA may be the answer. This $150,000 used car dealers loan was issued by a South Dakota bank.
Getting a small business loan in Aberdeen, South Dakota was important for this business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Dacotah Bank, operating out of Aberdeen, South Dakota. Here are the details on this South Dakota small business loan.
SBA Loan Borrower
COMPANY TYPE: USED CAR DEALERS
ABERDEEN, SD 57401
SBA Loan Lender
308 S MAIN ST
ABERDEEN, SD 57401
This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.
SBA Loan Program Type
This loan was issued as a general business loan.
441120 - Used Car Dealers
Loan Approval Date
Loan Approval Gross Amount
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 a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had only one employee. The SBA loan application for the borrower did not indicate that the business planned to use the money to increase staffing levels or retain any existing employees.
Getting an SBA Loan For Your Business
Many small businesses receive loans backed by the U.S. Small Business Administration.
Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.
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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