Financing for Automobile and Motor Vehicle Merchant Wholesalers

Looking for commercial loans for automobile and motor vehicle merchant wholesalers? The SBA may be the answer. This $745,000 automobile and motor vehicle merchant wholesalers loan was issued by a Texas bank.

Getting a small business loan in South Houston, Texas was important for this business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from 1st Choice Bank, operating out of Houston, Texas. Here are the details on this Texas small business loan.

SBA Loan Borrower

COMPANY TYPE: AUTOMOBILES AND OTHER MOTOR VEHICLES
SOUTH HOUSTON, TX 77587

SBA Loan Lender

1ST CHOICE BANK
2310 YALE
HOUSTON, TX 77008

This small business loan was provided by financing institution with SBA Certified Lenders Program (CLP) status. CLP lenders who submit loan guaranty requests to the SBA get more expeditious service from the SBA on their loan applications.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5012 - Automobiles and Other Motor Vehicles

NAICS Code

423110 - Automobile and Motor Vehicle Merchant Wholesalers

Loan Approval Date

7/25/2003

Loan Approval Gross Amount

$745,000

Loan Approval from the SBA

Of the total $745,000 loan amount, the SBA guaranteed $558,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 22 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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