Minot, North Dakota Business Gets SBA-Guaranteed Funding from United Commun Bank - No. Dakota
United Commun Bank - No. Dakota is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one North Dakota entrepreneur who tapped into the power of SBA loans.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Minot, North Dakota was able to borrow $500,000 from United Commun Bank - No. Dakota. The SBA made the loan possible by guaranteeing $375,000 of this North Dakota small business loan.
SBA Loan Borrower
COMPANY TYPE: HIGHWAY AND STREET CONSTRUCTION
MINOT, ND 58701
SBA Loan Lender
UNITED COMMUN BANK - NO. DAKOTA
925 20TH AVE SW
MINOT, ND 58702
SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA loan was issued via the SBA 7a lending program.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
1611 - Highway and Street Construction
NAICS Code
234110 - Highway and Street Construction
Loan Approval Date
5/14/2002
Loan Approval Gross Amount
$500,000
Loan Approval from the SBA
Of the total $500,000 loan amount, the SBA guaranteed $375,000.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company
had 21 employees. The loan application did not indicate that the small business promised to use the loan proceeds to increase staffing levels or retain any existing employees.
Next Steps for Getting an SBA Loan
SBA loans provide money to small business owners for working capital for other expenses.
Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like United Commun Bank - No. Dakota and they will explain how you can get an SBA loan for your company.
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.
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