Bank Loans for Machine Shops

With these bank loans for machine shops, the SBA guarantees the lender that the loan will be repaid. This machine shops loan for $248,700 was given to a North Dakota entrepreneur in 2006.

This company knew how to go about getting a business bank loan. Based in Hoople, North Dakota, they applied for and were awarded an SBA-guaranteed loan in 2006. The lending bank was First United Bank, based in Grafton, North Dakota.

SBA Loan Borrower

COMPANY TYPE: MACHINE SHOPS
HOOPLE, ND 58243

SBA Loan Lender

FIRST UNITED BANK
1011 W 11TH ST
GRAFTON, ND 58237

This lender issued this commercial loan under the SBA's 7(a) guaranteed loan 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

332710 - Machine Shops

Loan Approval Date

12/22/2006

Loan Approval Gross Amount

$248,700

Loan Approval from the SBA

Of the total $248,700 loan amount, the SBA guaranteed $186,525.

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 36 employees. The SBA loan application for the borrower did not indicate that the business promised to use the money to hire new employees or retain any existing employees.

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

Many small businesses receive loans backed by the U.S. Small Business Administration.

This company got an SBA loan. You can too! Maybe you want money for start up business? Maybe you want money to buy a franchise? Regardless of why you need money, guaranteed SBA loans may be the right answer 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.

Related Links:

Small Business Credit Cards

Good Banks for Small Business in Grafton, North Dakota

SBA Lenders in North Dakota