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11-10-2021, 01:05 PM #1
CAR DEALERSHIPS
In 2009, the SBA modified the 7(a) loan program guidelines to specifically give auto and RV dealers access to greater financing opportunity, doubling number of dealerships eligible for the SBA 7(a) program. According to the SBA, a car dealership can qualify for funding as long as their net worth is under $8.5 million and their net income averages less than $3 million. The funding dealerships could access under the SBA program would be used for working capital as opposed to for floorplan financing. 10 year term 5.5% adjusts every quarter. Up to 30% of gross revenue.
And the EIDL program is still active. 3.75% 30 year term. no payments for a year.Last edited by Olderguy; 11-10-2021 at 01:14 PM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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