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April 25, 2024 |
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| Home > Small Business Lenders by State > Arkansas Business Loan Sources > Little Rock, Business Loans > Metropolitan National Bank Little Rock Business Loans > Used Car Dealers Loan | ||||
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How Hard Is It to Get a Small Business Loan in North Little Rock, Arkansas?
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Financing for Used Car DealersLooking for commercial loans for used car dealers? Try the SBA. This $50,000 used car dealers loan was issued by an Arkansas bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in North Little Rock, Arkansas was able to borrow $50,000 from Metropolitan National Bank. The SBA made the loan possible by guaranteeing $42,500 of this Arkansas small business loan. SBA Loan Borrower COMPANY TYPE: USED CAR DEALERS SBA Loan Lender METROPOLITAN NATIONAL BANK This SBA bank loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 441120 - Used Car Dealers Loan Approval Date 1/3/2007 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $42,500. 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 3 employees. The loan application indicated that the loan would help retain 3 existing jobs. Getting an SBA Loan For Your Business If you are wondering how to raise money for a company in North Little Rock AR, you ought to talk with a local North Little Rock SBA lender or talk with an out-of-area SBA lender that has previously loaned money to North Little Rock 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: Obtaining Funding - Friends and Family Where to Get an SBA Loan in Little Rock, Arkansas
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