Bremer Bank SBA Loan to Trucking Company
Want a North Dakota business loan? Here's one North Dakota business loan that was approved by the SBA.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Devils Lake, North Dakota was able to borrow $62,000 from Bremer Bank. The SBA made the loan possible by guaranteeing $49,600 of this North Dakota small business loan.
SBA Loan Borrower
COMPANY TYPE: TRUCKING
DEVILS LAKE, ND 58301
SBA Loan Lender
BREMER BANK
424 5TH ST NE
DEVILS LAKE, ND 58301
This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
4213 - Trucking
Loan Approval Date
4/25/2000
Loan Approval Gross Amount
$62,000
Loan Approval from the SBA
Of the total $62,000 loan amount, the SBA guaranteed $49,600.
More Information on This SBA Loan
The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had only one employee. The SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to increase staffing levels or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA loans provide smart, affordable business financing for small businesses looking to expand.
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 Bremer Bank 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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