Oakes, North Dakota Business Gets SBA-Guaranteed Funding from First St. Bank - No. Dakota

First St. Bank - No. Dakota 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.

This small firm received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with First St. Bank - No. Dakota, out of La Moure, North Dakota. The loan was granted and they received $175,000 to help grow their Oakes, North Dakota business.

SBA Loan Borrower

COMPANY TYPE: PETROLEUM BULK STATIONS AND TERMINALS
OAKES, ND 58474

SBA Loan Lender

FIRST ST. BANK - NO. DAKOTA
100 1ST AVE SW
LA MOURE, ND 58458

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide SBA loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5171 - Petroleum Bulk Stations and Terminals

NAICS Code

422710 - Petroleum Bulk Stations and Terminals

Loan Approval Date

9/17/2002

Loan Approval Gross Amount

$175,000

Loan Approval from the SBA

Of the total $175,000 loan amount, the SBA guaranteed $131,250.

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 40 employees. The SBA loan application for the borrower did not indicate that the company promised to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

How to Raise Money

SBA 7A Banks in La Moure, North Dakota

North Dakota SBA 7A Lenders