Grain and Field Bean Merchant Wholesalers Business Loans

With these business loans for grain and field bean merchant wholesalers, the SBA guarantees the lender that the loan will be repaid. This grain and field bean merchant wholesalers loan for $850,000 was given to a North Dakota entrepreneur in 2007.

This business knew how to go about getting a business bank loan. Based in Grand Forks, North Dakota, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was Alerus Financial, based in Grand Forks, North Dakota.

SBA Loan Borrower

COMPANY TYPE: GRAIN AND FIELD BEAN MERCHANT WHOLESALERS
GRAND FORKS, ND 58201

SBA Loan Lender

ALERUS FINANCIAL
401 DEMERS AVE
GRAND FORKS, ND 58201

This lender issued this SBA business loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

424510 - Grain and Field Bean Merchant Wholesalers

Loan Approval Date

9/25/2007

Loan Approval Gross Amount

$850,000

Loan Approval from the SBA

Of the total $850,000 loan amount, the SBA guaranteed $637,500.

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 3 employees. The SBA loan application for the borrower indicated that the loan would help retain 3 existing jobs.

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

If you want money for new small 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.

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:

Advice on Getting a Small Business Loan

Where to Get an SBA Loan in Grand Forks, North Dakota

SBA North Dakota Banks