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November 15, 2024 |
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| Home > Small Business Lenders by State > North Dakota Business Loan Sources > Grafton, Business Loans > Choice Financial Group Grafton Business Loans > Supermarkets And Grocery Stores Loan | ||||
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Grafton Lenders
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Entrepreneur Works With Grafton, North Dakota Bank to Get an SBA LoanWant to talk with a Grafton, North Dakota bank about a small business loan? Here's one North Dakota business loan, issued by a Grafton bank, that was approved by the SBA. Applying for an SBA loan with Choice Financial Group worked out well for our friends at one local business in Grafton, North Dakota. The business was able to get an SBA loan for $75,000. Sweet! SBA Loan Borrower COMPANY TYPE: SUPERMARKETS AND GROCERY STORES SBA Loan Lender CHOICE FINANCIAL GROUP The lender provided this commercial loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 445110 - Supermarkets and Grocery Stores Loan Approval Date 10/20/2005 Loan Approval Gross Amount $75,000 Loan Approval from the SBA Of the total $75,000 loan amount, the SBA guaranteed $37,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 54 employees. This SBA loan request indicated that the loan would help retain 54 existing jobs. Great, But How Can I Get an SBA Loan for My Business? SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new 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. Related Links: Determining Proper Capital Structure for a Business Who Lends Money to Small Businesses in Grafton, North Dakota
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