Entrepreneur Works With Rugby, North Dakota Bank to Get an SBA Loan

Thinking about meeting with a Rugby, North Dakota bank about an SBA loan? Here's one North Dakota business loan, issued by a Rugby bank, that was approved by the SBA.

Applying for an SBA loan with Merchants Bank worked out well for our friends at one local company in Bantry, North Dakota. The business was able to get an SBA loan for $97,300. Nice!

SBA Loan Borrower

COMPANY TYPE: CONSTRUCTION MACHINERY MANUFACTURING
BANTRY, ND 58713

SBA Loan Lender

MERCHANTS BANK
210 S MAIN AVE
RUGBY, ND 58368

This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

333120 - Construction Machinery Manufacturing

Loan Approval Date

4/12/2004

Loan Approval Gross Amount

$97,300

Loan Approval from the SBA

Of the total $97,300 loan amount, the SBA guaranteed $82,705.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the small business planned to use the money to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Merchants Bank 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.

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