Garrison State Bank And Trust SBA Loan to Motor Vehicle Supplies And New Parts Company

Looking to get a North Dakota SBA loan? Here's one North Dakota business loan that was approved by the SBA.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Garrison, North Dakota was able to borrow $150,000 from Garrison State Bank And Trust. The SBA made the loan possible by guaranteeing $112,500 of this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: MOTOR VEHICLE SUPPLIES AND NEW PARTS
GARRISON, ND 58540

SBA Loan Lender

GARRISON STATE BANK AND TRUST
102 N MAIN ST
GARRISON, ND 58540

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.

SIC Code

5013 - Motor Vehicle Supplies and New Parts

Loan Approval Date

6/28/2000

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $112,500.

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 3 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Every year, the SBA guarantees over $10 billion for loans just like this one.

While you may be able to find other ways to get money to start a business, 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.

Related Links:

Famous Venture Capitalists

Good Banks for Small Business in Garrison, North Dakota

Find an SBA Lender in North Dakota