Raising Money for Electronic Shopping and Mail-Order Houses

With these bank loans for electronic shopping and mail-order houses, the SBA guarantees the lender that the loan will be repaid. This electronic shopping and mail-order houses loan for $150,000 was given to a North Dakota entrepreneur in 2003.

This small firm received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Ramsey National Bank & Trust - Devi, out of Fargo, North Dakota. The loan was granted and they received $150,000 to help grow their Fargo, North Dakota business.

SBA Loan Borrower

COMPANY TYPE: ELECTRONIC SHOPPING AND MAIL-ORDER HOUSES
FARGO, ND 58102

SBA Loan Lender

RAMSEY NATIONAL BANK & TRUST - DEVI
3232 25TH ST SOUTH
FARGO, ND 58106

This was a Low Documentation SBA loan. The SBA launched this program to limit 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. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

454110 - Electronic Shopping and Mail-Order Houses

Loan Approval Date

5/19/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 3 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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