Loan to Buy Suzukidealers Franchise Issued By Security 1st Bank - No. Dakota

Borrowing money to invest in a Suzukidealers franchise? Security 1st Bank - No. Dakota has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Suzukidealers franchise shouldn't be too tough. In 2002, Security 1st Bank - No. Dakota issued an SBA franchise loan to an entrepreneur in Mandan, North Dakota. Because Suzukidealers was registered with the SBA's registry of franchises, this North Dakota small business loan was issued on an expedited basis.

SBA Loan Borrower

ACTION SPORTS INC
MANDAN, ND 58554

SBA Loan Lender

SECURITY 1ST BANK - NO. DAKOTA
614 W MAIN ST
MANDAN, ND 58554

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441221 - Motorcycle, ATV, and Personal Watercraft Dealers

Loan Approval Date

7/8/2002

Loan Approval Gross Amount

$130,000

Loan Approval from the SBA

Of the total $130,000 loan amount, the SBA guaranteed $110,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Suzukidealers franchise. At the time of the loan, the company had only one employee. The SBA loan application for the borrower did not indicate that the company promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Security 1st 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:

Obtaining Funding - How to Decide How Much to Raise

Small Bank Loans in Mandan, North Dakota

North Dakota SBA Banks