Where to Get Capital for Commercial Equipment Merchant Wholesalers

With these SBA loans for commercial equipment merchant wholesalers, the SBA guarantees the lender that the loan will be repaid. This commercial equipment merchant wholesalers loan for $2,000,000 was given to a North Dakota entrepreneur in 2006.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Fargo, North Dakota was able to borrow $2,000,000 from Alerus Financial. The SBA made the loan possible by guaranteeing $1,500,000 of this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: COMMERCIAL EQUIPMENT
FARGO, ND 58103

SBA Loan Lender

ALERUS FINANCIAL
401 DEMERS AVE
GRAND FORKS, ND 58201

This lender issued this SBA small business loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 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

5046 - Commercial Equipment

NAICS Code

423440 - Commercial Equipment Merchant Wholesalers

Loan Approval Date

5/18/2006

Loan Approval Gross Amount

$2,000,000

Loan Approval from the SBA

Of the total $2,000,000 loan amount, the SBA guaranteed $1,500,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 48 employees. The SBA loan application for the borrower did not indicate that the business promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

While you may be able to find business people willing to loan money, 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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