Borrowing Money for Hardware Stores

With these bank loans for hardware stores, the SBA guarantees the lender that the loan will be repaid. This hardware stores loan for $100,900 was given to a North Dakota entrepreneur in 2004.

Getting a small business loan in Crosby, North Dakota was important for this company back in 2004 and, based on their loan application, they were successful in getting an SBA loan from First National Bank & Trust - Willis, operating out of Williston, North Dakota. Here are the details on this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: HARDWARE STORES
CROSBY, ND 58730

SBA Loan Lender

FIRST NATIONAL BANK & TRUST - WILLIS
22 E 4TH ST
WILLISTON, ND 58801

This lender issued this particular bank 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

444130 - Hardware Stores

Loan Approval Date

10/4/2004

Loan Approval Gross Amount

$100,900

Loan Approval from the SBA

Of the total $100,900 loan amount, the SBA guaranteed $85,765.

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 3 employees. The SBA loan application for the borrower did not indicate that the business promised 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?

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First National Bank & Trust - Willis had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First National Bank & Trust - Willis made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Microlending as a Small Business Funding Source

Small Bank Loans in Williston, North Dakota

Find an SBA Lender in North Dakota