Entrepreneur Works With Enderlin, North Dakota Bank to Get an SBA Loan

Want to talk with an Enderlin, North Dakota bank about a business loan? Here's one North Dakota business loan, issued by an Enderlin bank, that was approved by the SBA.

Applying for an SBA loan with Cornerstone Bank worked out well for our friends at one local company in Enderlin, North Dakota. They received an SBA loan for $65,000. Sweet!

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
ENDERLIN, ND 58027

SBA Loan Lender

CORNERSTONE BANK
318 RAILWAY ST
ENDERLIN, ND 58104

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811192 - Car Washes

Loan Approval Date

5/13/2002

Loan Approval Gross Amount

$65,000

Loan Approval from the SBA

Of the total $65,000 loan amount, the SBA guaranteed $55,250.

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 application for the borrower did not indicate that the company promised to use the money to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Cornerstone Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Cornerstone Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Obtaining Funding - Friends and Family

SBA 7A Banks for Enderlin, North Dakota Loans

Where to Get an SBA Loan North Dakota