Business Loans for Support Activities for Oil and Gas Operations

With these business loans for support activities for oil and gas operations, the SBA guarantees the lender that the loan will be repaid. This support activities for oil and gas operations loan for $228,000 was given to a North Dakota entrepreneur in 2006.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Dickinson, North Dakota was able to borrow $228,000 from Great Plains National Bank. The SBA made the loan possible by guaranteeing $171,000 of this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: SUPPORT ACTIVITIES FOR OIL AND GAS OPERATIONS
DICKINSON, ND 58601

SBA Loan Lender

GREAT PLAINS NATIONAL BANK
323 18TH ST WEST
DICKINSON, ND 58602

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide business loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

213112 - Support Activities for Oil and Gas Operations

Loan Approval Date

1/23/2006

Loan Approval Gross Amount

$228,000

Loan Approval from the SBA

Of the total $228,000 loan amount, the SBA guaranteed $171,000.

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 2 employees. The SBA loan documents did not indicate that the company promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Remember, you 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.

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:

Strategic Investors

Small Bank Loans in Dickinson, North Dakota

North Dakota SBA Banks