Firm Gets a North Dakota Small Business Loan

Would a North Dakota small business loan help your small business to grow and prosper? If so, you may want to talk with this North Dakota bank, which offers SBA loans to North Dakota entrepreneurs.

This business, based in Mayville, 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 The First And Farmers Bank. We've got the inside scoop on this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: GRAIN AND FIELD BEANS
MAYVILLE, ND 58257

SBA Loan Lender

THE FIRST AND FARMERS BANK
509 PARKE AVE
PORTLAND, ND 58274

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5153 - Grain and Field Beans

NAICS Code

115114 - Postharvest Crop Activities

Loan Approval Date

8/23/2004

Loan Approval Gross Amount

$1,400,000

Loan Approval from the SBA

Of the total $1,400,000 loan amount, the SBA guaranteed $1,050,000.

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 35 employees. The SBA loan documents did not indicate that the business promised to use the funding to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like The First And Farmers Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there 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:

Obtaining Funding - Getting Venture Capital

Banks in Portland, North Dakota

North Dakota SBA 7A Lenders