Pennsylvania Entrepreneur Secures Financing to Buy Ford Motor dealers Franchise

Borrowing money to purchase a Ford Motor dealers franchise? First Commonwealth Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Ford Motor dealers franchise is doable. In 2002, First Commonwealth Bank issued an SBA franchise loan to an entrepreneur in St. Marys, Pennsylvania. Because Ford Motor dealers was registered with the SBA's registry of franchises, this Pennsylvania small business loan was issued on an expedited basis.

SBA Loan Borrower

ELK FORD LINCOLN MERCURY, INC.
ST. MARYS, PA 15857

SBA Loan Lender

FIRST COMMONWEALTH BANK
RTE 220 & N JUNIATA ST
HOLLIDAYSBURG, PA 16648

This lender issued this bank loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441110 - New Car Dealers

Loan Approval Date

4/25/2002

Loan Approval Gross Amount

$617,000

Loan Approval from the SBA

Of the total $617,000 loan amount, the SBA guaranteed $425,483.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Ford Motor dealers franchise. At the time of the loan, the company had 30 employees. The loan application did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

We can help you find the best banks for small businesses in St. Marys or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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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