New Salem, North Dakota Bank Gives SBA Loan to Finish Carpentry Contractors Company

Get to know New Salem, North Dakota banks that specialize in business loans and know how to work with entrepreneurs. Security 1st Bank - No. Dakota is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Center, North Dakota starts with an understanding of who else has gotten loans in the area. In this case, a small company received funding from Security 1st Bank - No. Dakota. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: FINISH CARPENTRY CONTRACTORS
CENTER, ND 58530

SBA Loan Lender

SECURITY 1ST BANK - NO. DAKOTA
700 ASH AVE
NEW SALEM, ND 58563

This lender issued this particular 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

238350 - Finish Carpentry Contractors

Loan Approval Date

5/12/2005

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

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 8 employees. This SBA loan request did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new 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 Security 1st Bank - No. Dakota 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.

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