Westhope, North Dakota Lender Lends Money to Food Preparations Company

Get to know Westhope, North Dakota banks that specialize in SBA loans and know how to work with entrepreneurs. Peoples State Bank is one such bank, as evidenced by this SBA loan to a growing company.

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

SBA Loan Borrower

COMPANY TYPE: FOOD PREPARATIONS
LANSFORD, ND 58750

SBA Loan Lender

PEOPLES STATE BANK
110 MAIN ST
WESTHOPE, ND 58793

This debt financing was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2099 - Food Preparations

NAICS Code

311991 - Perishable Prepared Food Manufacturing

Loan Approval Date

11/24/2004

Loan Approval Gross Amount

$240,000

Loan Approval from the SBA

Of the total $240,000 loan amount, the SBA guaranteed $180,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 26 employees. This SBA loan request did not indicate that the business promised to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Peoples State Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Peoples State Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Business Incubators

Where to Get an SBA Loan in Westhope, North Dakota

North Dakota SBA 7A Banks