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November 15, 2024 |
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| Home > Small Business Lenders by State > North Dakota Business Loan Sources > Hazen, Business Loans > The Union Bank Hazen Business Loans > General Automotive Repair Shops Loan | ||||
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The Union Bank
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SBA Loan from The Union Bank Helps General Automotive Repair Shops CompanyThe Union Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one North Dakota entrepreneur who tapped into the power of SBA loans. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Hazen, North Dakota was able to borrow $139,400 from The Union Bank. The SBA made the loan possible by guaranteeing $118,490 of this North Dakota small business loan. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS SBA Loan Lender THE UNION BANK This lender issued this SBA bank loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 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. SIC Code 7538 - General Automotive Repair Shops NAICS Code 811111 - General Automotive Repair Loan Approval Date 4/6/2006 Loan Approval Gross Amount $139,400 Loan Approval from the SBA Of the total $139,400 loan amount, the SBA guaranteed $118,490. 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 4 employees. The loan application did not indicate that the business promised to use the funding to increase staffing levels or retain any existing employees. Start the Process for Getting an SBA Loan Today! Many small businesses receive loans backed by the U.S. Small Business Administration. While you may be able to find business people willing to loan money, 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: SBA Participating Banks in Hazen, North Dakota
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