First St. Bank - No. Dakota Gives Business Loan to Toys And Hobby Goods And Supplies Company

Small business loans in North Dakota are hard to find these days. We take a look at one North Dakota small business loan, provided by a North Dakota bank, that was approved by the SBA.

This business, based in Lamoure, North Dakota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from First St. Bank - No. Dakota. We've got the inside scoop on this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: TOYS AND HOBBY GOODS AND SUPPLIES
LAMOURE, ND 58458

SBA Loan Lender

FIRST ST. BANK - NO. DAKOTA
100 1ST AVE SW
LA MOURE, ND 58458

This lender issued this SBA loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began 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

5092 - Toys and Hobby Goods and Supplies

NAICS Code

451120 - Hobby, Toy, and Game Stores

Loan Approval Date

1/5/2001

Loan Approval Gross Amount

$300,000

Loan Approval from the SBA

Of the total $300,000 loan amount, the SBA guaranteed $225,000.

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 14 employees. The SBA loan documents did not indicate that the small business planned to use the money to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you need money to start a business or already have a business and need money to expand, an SBA loan can be a great source of funding.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First St. Bank - No. Dakota that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Financing Your Business

Find an SBA Lender in La Moure, North Dakota

North Dakota SBA 7A Lenders