Getting an SBA Loan for Motorcycle, ATV, and Personal Watercraft Dealers

With these business loans for motorcycle, atv, and personal watercraft dealers, the SBA guarantees the lender that the loan will be repaid. This motorcycle, atv, and personal watercraft dealers loan for $50,000 was given to a North Dakota entrepreneur in 2003.

Getting a small business loan in Devils Lake, North Dakota was important for this business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Ramsey National Bank & Trust - Devi, operating out of Devils Lake, North Dakota. Here are the details on this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTORCYCLE DEALERS
DEVILS LAKE, ND 58301

SBA Loan Lender

RAMSEY NATIONAL BANK & TRUST - DEVI
300 4TH ST NE
DEVILS LAKE, ND 58301

This lender issued this debt financing under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5571 - Motorcycle Dealers

NAICS Code

441221 - Motorcycle, ATV, and Personal Watercraft Dealers

Loan Approval Date

6/6/2003

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $37,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 5 employees. The loan application did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

Many small businesses receive loans backed by the U.S. Small Business Administration.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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