Security State Bank Gives SBA Loan to Auto And Home Supply Stores Company

SBA loans in North Dakota are hard to find these days. We take a look at one North Dakota SBA loan, provided by a North Dakota bank, that was approved by the SBA.

By giving the right information to Security State Bank, this Dunseith, North Dakota business was able to get an SBA loan. To get this loan, the applying company gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

COMPANY TYPE: AUTO AND HOME SUPPLY STORES
DUNSEITH, ND 58329

SBA Loan Lender

SECURITY STATE BANK
PO BOX 719
DUNSEITH, ND 58329

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5531 - Auto and Home Supply Stores

NAICS Code

811198 - Automotive Repair and Maintenance

Loan Approval Date

10/19/2000

Loan Approval Gross Amount

$110,000

Loan Approval from the SBA

Of the total $110,000 loan amount, the SBA guaranteed $82,500.

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 only one employee. This SBA loan request 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

If you need money to start business in Dunseith ND, you ought to talk with a local Dunseith SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Dunseith businesses.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Security State Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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:

Small Business Credit Cards

SBA Banks in Dunseith, North Dakota

North Dakota SBA 7A Lenders