Growing Company Gets a North Dakota Business Loan

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

This business, based in Fargo, North Dakota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Ramsey National Bank & Trust - Devi. We've got the inside scoop on this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: FARM SUPPLIES MERCHANT WHOLESALERS
FARGO, ND 58103

SBA Loan Lender

RAMSEY NATIONAL BANK & TRUST - DEVI
300 4TH ST NE
DEVILS LAKE, ND 58301

This lender issued this particular SBA bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

424910 - Farm Supplies Merchant Wholesalers

Loan Approval Date

4/1/2004

Loan Approval Gross Amount

$25,000

Loan Approval from the SBA

Of the total $25,000 loan amount, the SBA guaranteed $21,250.

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 loan application did not indicate that the business promised to use the funding to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Many small businesses receive loans backed by the U.S. Small Business Administration.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $25,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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