Where to Get Capital for Used Car Dealers

With these small business loans for used car dealers, the SBA guarantees the lender that the loan will be repaid. This used car dealers loan for $500,000 was given to a California entrepreneur in 2001.

This company knew how to go about getting a business bank loan. Based in Santa Ana, California, they applied for and were awarded an SBA-guaranteed loan in 2001. The lending bank was Far East National Bank, based in Los Angeles, California.

SBA Loan Borrower

COMPANY TYPE: DURABLE GOODS
SANTA ANA, CA 92704

SBA Loan Lender

FAR EAST NATIONAL BANK
977 N BROADWAY
LOS ANGELES, CA 90012

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 7A business loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5099 - Durable Goods

NAICS Code

441120 - Used Car Dealers

Loan Approval Date

2/13/2001

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $375,000.

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 13 employees. The SBA loan documents did not indicate that the small business promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start business in Santa Ana CA, you ought to talk with a local Santa Ana SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Santa Ana businesses.

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 $500,000 loan. Remember, you control your own destiny.

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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