Cando, North Dakota Entrepreneur Gets a Bank Loan

Would a North Dakota bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this North Dakota bank, which offers SBA loans to North Dakota entrepreneurs.

This small business, based in Cando, 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 Countrybank Usa. We've got the inside scoop on this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: BOWLING CENTERS
CANDO, ND 58324

SBA Loan Lender

COUNTRYBANK USA
505 4TH ST
CANDO, ND 58324

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7933 - Bowling Centers

NAICS Code

713950 - Bowling Centers

Loan Approval Date

10/5/2000

Loan Approval Gross Amount

$9,000

Loan Approval from the SBA

Of the total $9,000 loan amount, the SBA guaranteed $7,200.

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 only one employee. The loan application did not indicate that the small business planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are raising money in Cando ND, you ought to talk with a local Cando SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Cando businesses.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Countrybank Usa and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Debt Financing

Banks in Cando, North Dakota

Getting an SBA Loan in North Dakota