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May 8, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Orange City, Business Loans > Northwestern Bank Orange City Business Loans > New Car Dealers Loan | ||||
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Business Loans for Orange City Small Business Owners
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How to Get a Loan for New Car DealersLooking for SBA loans for new car dealers? An SBA loan may be just what you've been looking for. This $560,000 new car dealers loan was issued by an Iowa bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Orange City, Iowa was able to borrow $560,000 from Northwestern Bank. The SBA made the loan possible by guaranteeing $420,000 of this Iowa small business loan. SBA Loan Borrower COMPANY TYPE: NEW CAR DEALERS SBA Loan Lender NORTHWESTERN BANK 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 commercial loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 441110 - New Car Dealers Loan Approval Date 7/29/2002 Loan Approval Gross Amount $560,000 Loan Approval from the SBA Of the total $560,000 loan amount, the SBA guaranteed $420,000. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 9 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the money to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! 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. 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 Northwestern Bank 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: Realistic Debt Financing Options
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