Loan Census Banking News and Information
November 15, 2024  
 
 
  Business Loan Information  
 

Munich, North Dakota SBA Lenders

 

 
Loan Census SBA Loan Info

Munich, North Dakota Lender Lends Money to Crop Harvesting, Primarily By Machine Company

A Munich, North Dakota business loan can be yours. Learn how a business got a $250,000 business loan from this North Dakota bank.

This loan to an entrepreneur is a good example of an SBA loan. The First State Bank Of Munich made the loan and the SBA guaranteed a portion of the loan. Many other North Dakota entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take.

SBA Loan Borrower

COMPANY TYPE: CROP HARVESTING, PRIMARILY BY MACHINE
MUNICH, ND 58352

SBA Loan Lender

THE FIRST STATE BANK OF MUNICH
416 MAIN ST
MUNICH, ND 58352

This lender issued this SBA small business loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program began in 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

0722 - Crop Harvesting, Primarily by Machine

NAICS Code

115113 - Crop Harvesting, Primarily by Machine

Loan Approval Date

11/24/2003

Loan Approval Gross Amount

$250,000

Loan Approval from the SBA

Of the total $250,000 loan amount, the SBA guaranteed $187,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

This SBA loan was for $250,000. How would you spend $250,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.

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:

Borrowing Money from Friends and Family

Good Banks for Small Business in Munich, North Dakota

SBA Lenders in North Dakota