Wells Fargo Bank Gives SBA Loan to Industrial And Commercial Machinery And Equipment Company

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

Getting a small business loan in Bismarck, North Dakota was a top priority for this small company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Wells Fargo Bank. Here are the details on this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: INDUSTRIAL AND COMMERCIAL MACHINERY AND EQUIPMENT
BISMARCK, ND 58503

SBA Loan Lender

WELLS FARGO BANK
111 2ND AVE NW
MANDAN, ND 58554

This commercial 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

3599 - Industrial and Commercial Machinery and Equipment

NAICS Code

333999 - General Purpose Machinery Manufacturing

Loan Approval Date

5/15/2002

Loan Approval Gross Amount

$315,000

Loan Approval from the SBA

Of the total $315,000 loan amount, the SBA guaranteed $236,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 9 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Wells Fargo Bank 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:

Realistic Debt Financing Options

SBA 7A Banks for Mandan, North Dakota Loans

Getting an SBA Loan in North Dakota