Growing Company Gets a North Dakota Small Business Loan

Would a North Dakota bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this North Dakota bank, which offers SBA loans to North Dakota entrepreneurs.

By giving the right information to Union State Bank Of Fargo, this Fargo, North Dakota business was able to get an SBA loan. To get this loan, the entrepreneur gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

COMPANY TYPE: SHOE STORES
FARGO, ND 58103

SBA Loan Lender

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

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

448210 - Shoe Stores

Loan Approval Date

7/9/2003

Loan Approval Gross Amount

$148,000

Loan Approval from the SBA

Of the total $148,000 loan amount, the SBA guaranteed $125,800.

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 14 employees. The loan application did not indicate that the small business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

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

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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