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

Get to know Fargo, North Dakota banks that specialize in small business loans and know how to work with entrepreneurs. Union State Bank Of Fargo is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Fargo, North Dakota starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from Union State Bank Of Fargo. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: COMPUTER TRAINING
FARGO, ND 58103

SBA Loan Lender

UNION STATE BANK OF FARGO
4530 17TH AVE SOUTH
FARGO, ND 58103

This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

611420 - Computer Training

Loan Approval Date

3/5/2004

Loan Approval Gross Amount

$88,000

Loan Approval from the SBA

Of the total $88,000 loan amount, the SBA guaranteed $74,800.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Union State Bank Of Fargo 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.

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Getting an SBA Loan in North Dakota