Business Loan from First Western Bank & Trust Given to Insurance Carriers Company

First Western Bank & Trust 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 Minot, North Dakota was an essential business goal for this firm back in 2004 and, based on their loan application, they were successful in getting an SBA loan from First Western Bank & Trust, operating out of Minot, North Dakota. Here are the details on this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: INSURANCE CARRIERS
MINOT, ND 58703

SBA Loan Lender

FIRST WESTERN BANK & TRUST
900 S BROADWAY
MINOT, ND 58701

This lender issued this bank loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

6399 - Insurance Carriers

NAICS Code

524128 - Direct Insurance Carriers

Loan Approval Date

10/28/2004

Loan Approval Gross Amount

$148,600

Loan Approval from the SBA

Of the total $148,600 loan amount, the SBA guaranteed $111,450.

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 4 employees. The SBA loan documents did not indicate that the small business promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

This company got an SBA loan. You can too! Maybe you are raising money for operating expenses? Maybe you want money to buy a franchise? Regardless of why you need money, guaranteed SBA loans may be the right answer 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:

Getting a Small Business Loan

Banks in Minot, North Dakota

North Dakota SBA 7A Banks