Company Gets a North Dakota Business Loan

SBA loans in North Dakota are tough to come by these days. We take a look at one North Dakota SBA loan, provided by a North Dakota bank, that was approved by the SBA.

This business, based in Bismarck, North Dakota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Starion Bancorporation. We've got the inside scoop on this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: BUSINESS SERVICES
BISMARCK, ND 58501

SBA Loan Lender

STARION BANCORPORATION
333 N 4TH ST
BISMARCK, ND 58501

This business loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7389 - Business Services

NAICS Code

541420 - Industrial Design Services

Loan Approval Date

4/12/2004

Loan Approval Gross Amount

$247,000

Loan Approval from the SBA

Of the total $247,000 loan amount, the SBA guaranteed $185,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 11 employees. The SBA loan application for the borrower did not indicate that the 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?

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Starion Bancorporation that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Accountant's Role in Securing Financing

Who Lends Money to Small Businesses in Bismarck, North Dakota

Getting a Business Loan in North Dakota