Get an SBA Loan for Motor Vehicle Dealers

Looking for bank loans for motor vehicle dealers? Talk to a banker who works with the SBA. This $30,000 motor vehicle dealers loan was issued by a Virginia bank.

This company knew how to go about getting a business bank loan. Based in Toano, Virginia, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Old Point National Bank - Phoebus, based in Williamsburg, Virginia.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE DEALERS
TOANO, VA 23168

SBA Loan Lender

OLD POINT NATIONAL BANK - PHOEBUS
5273 JOHN TYLER HWY
WILLIAMSBURG, VA 23185

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5599 - Automotive Dealers

NAICS Code

441229 - Motor Vehicle Dealers

Loan Approval Date

4/8/2003

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $25,500.

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 SBA loan documents 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

If you need money to start a small business or need money to grow a business, an SBA loan can be a great funding source

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Old Point National Bank - Phoebus had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Old Point National Bank - Phoebus made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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