Richardton, North Dakota Entrepreneur Gets a Small Business Loan
Small business loans in North Dakota are tough to come by 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.
This business, based in Richardton, North Dakota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Dakota Commun Bank. We've got the inside scoop on this North Dakota small business loan.
SBA Loan Borrower
COMPANY TYPE: CONSTRUCTION MACHINERY AND EQUIPMENT
RICHARDTON, ND 58652
SBA Loan Lender
DAKOTA COMMUN BANK
609 MAIN ST
HEBRON, ND 58638
This lender issued this SBA bank loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program was started 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
3531 - Construction Machinery and Equipment
NAICS Code
333294 - Food Product Machinery Manufacturing
Loan Approval Date
4/10/2002
Loan Approval Gross Amount
$50,000
Loan Approval from the SBA
Of the total $50,000 loan amount, the SBA guaranteed $37,500.
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 7 employees. The loan application did not indicate that the business planned to use the loan proceeds to add employees or retain any existing employees.
Start the Process for Getting an SBA Loan Today!
The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.
Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Dakota Commun Bank and they will explain how you can get an SBA loan for your company.
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:
Obtaining Funding From a Venture Capitalist
SBA Approved Banks in Hebron, North Dakota
North Dakota SBA 7A Lenders