American Federal Bank Gives Small Business Loan to Short-Term Business Credit Institutions, Except Company

Searching for a North Dakota bank loan? This North Dakota entrepreneur got a bank loan, provided by a North Dakota bank that works with the SBA to help small business owners.

You can learn something about getting a small business loan in Casselton, North Dakota by studying this loan to a local company, made back in 2000. Banks like American Federal Bank may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: SHORT-TERM BUSINESS CREDIT INSTITUTIONS, EXCEPT
CASSELTON, ND 58012

SBA Loan Lender

AMERICAN FEDERAL BANK
215 N FIFTH ST
FARGO, ND 58108

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA bank loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

6153 - Short-Term Business Credit Institutions, Except

NAICS Code

522298 - Nondepository Credit Intermediation

Loan Approval Date

8/8/2000

Loan Approval Gross Amount

$833,300

Loan Approval from the SBA

Of the total $833,300 loan amount, the SBA guaranteed $749,970.

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 3 employees. The SBA loan documents did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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