New Salem, North Dakota Entrepreneur Gets an SBA Loan

Small business loans in North Dakota are hard to find these days. We take a look at one North Dakota small business loan, provided by a North Dakota bank, that was approved by the SBA.

You can learn something about getting a small business loan in New Salem, North Dakota by studying this loan to a local company, made back in 2005. Banks like Security 1st Bank - No. Dakota may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
NEW SALEM, ND 58563

SBA Loan Lender

SECURITY 1ST BANK - NO. DAKOTA
700 ASH AVE
NEW SALEM, ND 58563

This lender processed this SBA business loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

12/30/2005

Loan Approval Gross Amount

$28,526

Loan Approval from the SBA

Of the total $28,526 loan amount, the SBA guaranteed $14,263.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan application for the borrower indicated that the loan would help retain 1 existing job.

Next Steps for Getting an SBA Loan

If you are raising money in New Salem ND, you ought to talk with a local New Salem SBA lender or talk with an out-of-area SBA lender that has previously loaned money to New Salem businesses.

If you need emergency money for small businesses, the SBA has special programs for you. We've put a spotlight on this loan from Security 1st Bank - No. Dakota so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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