Bremer Bank SBA Loan to Farm Supplies Company
Bremer Bank has a track record as a leading provider of SBA loans. Find out how this North Dakota entrepreneur received an SBA loan from them.
Getting a small business loan in Devils Lake, North Dakota was an essential business goal for this small business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Bremer Bank, operating out of Devils Lake, North Dakota. Here are the details on this North Dakota small business loan.
SBA Loan Borrower
COMPANY TYPE: FARM SUPPLIES
DEVILS LAKE, ND 58301
SBA Loan Lender
BREMER BANK
424 5TH ST NE
DEVILS LAKE, ND 58301
SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan for a small business was issued via the SBA 7a lending program.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5191 - Farm Supplies
NAICS Code
444220 - Nursery and Garden Centers
Loan Approval Date
5/14/2004
Loan Approval Gross Amount
$196,000
Loan Approval from the SBA
Of the total $196,000 loan amount, the SBA guaranteed $147,000.
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 6 employees. The loan application did not indicate that the business promised to use the funding to add employees or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.
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.
Related Links:
Getting a Small Business Loan
SBA Approved Banks in Devils Lake, North Dakota
North Dakota SBA 7A Lenders