Financing for Automobile and Motor Vehicle Merchant Wholesalers
With these commercial loans for automobile and motor vehicle merchant wholesalers, the SBA guarantees the lender that the loan will be repaid. This automobile and motor vehicle merchant wholesalers loan for $2,000,000 was given to a Texas entrepreneur in 2006.
This business knew how to go about getting a business bank loan. Based in Abilene, Texas, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was 1st National Bank - Baird, based in Abilene, Texas.
SBA Loan Borrower
COMPANY TYPE: AUTOMOBILES AND OTHER MOTOR VEHICLES
ABILENE, TX 79601
SBA Loan Lender
1ST NATIONAL BANK - BAIRD
1849 S FIRST ST
ABILENE, TX 79602
The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide bank loans to American small businesses.
SBA Loan Program Type
This loan was issued as a general business loan.
5012 - Automobiles and Other Motor Vehicles
423110 - Automobile and Motor Vehicle Merchant Wholesalers
Loan Approval Date
Loan Approval Gross Amount
Loan Approval from the SBA
Of the total $2,000,000 loan amount, the SBA guaranteed $1,500,000.
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 35 employees. This SBA loan request did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.
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.
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