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December 22, 2024 |
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| Home > Small Business Lenders by State > North Dakota Business Loan Sources > Munich, Business Loans > The First State Bank Of Munich Munich Business Loans > Crop Harvesting, Primarily By Machine Loan | ||||
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Munich, North Dakota SBA Lenders
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Munich, North Dakota Lender Lends Money to Crop Harvesting, Primarily By Machine CompanyA 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 SBA Loan Lender THE FIRST STATE BANK OF MUNICH 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
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