1st & Farmers Bank Holding Co. SBA Loan to Beauty Shops Company

1st & Farmers Bank Holding Co. and the SBA work together to get business loans for growing small businesses. Here's an example of how a North Dakota entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Mayville, North Dakota was an essential business goal for this company back in 2000 and, based on their loan application, they were successful in getting an SBA loan from 1st & Farmers Bank Holding Co., operating out of Portland, North Dakota. Here are the details on this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: BEAUTY SHOPS
MAYVILLE, ND 58257

SBA Loan Lender

1ST & FARMERS BANK HOLDING CO.
509 PARK AVE
PORTLAND, ND 58274

This was a Low Documentation SBA loan. The SBA created this program to minimize the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7231 - Beauty Shops

Loan Approval Date

4/20/2000

Loan Approval Gross Amount

$17,500

Loan Approval from the SBA

Of the total $17,500 loan amount, the SBA guaranteed $14,000.

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 4 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from 1st & Farmers Bank Holding Co. so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Debt Financing

Good Banks for Small Business in Portland, North Dakota

Where to Get an SBA Loan North Dakota