Where to Get Capital for New Car Dealers

With these SBA loans for new car dealers, the SBA guarantees the lender that the loan will be repaid. This new car dealers loan for $100,000 was given to a Connecticut entrepreneur in 2000.

This small business knew how to go about getting a business bank loan. Based in West End, Connecticut, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was Bank Of America, based in Providence, Rhode Island.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE DEALERS
WEST END, CT 06110

SBA Loan Lender

BANK OF AMERICA
111 WESTMINSTER ST
PROVIDENCE, RI 02903

This commercial loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

SIC Code

5511 - Motor Vehicle Dealers

NAICS Code

441110 - New Car Dealers

Loan Approval Date

8/25/2000

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $50,000.

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 10 employees. The loan application indicated that the loan would help retain 10 existing jobs.

Next Steps for Getting an SBA Loan

If you want money for new small business in West End CT, you ought to talk with a local West End SBA lender or talk with an out-of-area SBA lender that has previously loaned money to West End businesses.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Bank Of America so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Family and Friend Investors - Your First Financiers

SBA Banks in Providence, Rhode Island

Getting an SBA Loan in Rhode Island