Fargo, North Dakota Bank Lends Money to Drinking Places Company in Grand Forks, North Dakota

Find Fargo, North Dakota banks that specialize in business loans and know how to work with entrepreneurs. American Federal Bank is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Grand Forks, North Dakota starts with an understanding of who else has gotten loans in the area. In this case, a local company received funding from American Federal Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: DRINKING PLACES
GRAND FORKS, ND 58203

SBA Loan Lender

AMERICAN FEDERAL BANK
215 N FIFTH ST
FARGO, ND 58108

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

722410 - Drinking Places

Loan Approval Date

2/20/2007

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $75,000.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 40 employees. The loan application indicated that the loan would help generate 25 new jobs and retain 15 existing jobs.

Next Steps for Getting an SBA Loan

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

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like American Federal Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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