Getting an SBA Loan for Food Product Machinery Manufacturing

With these business loans for food product machinery manufacturing, the SBA guarantees the lender that the loan will be repaid. This food product machinery manufacturing loan for $150,000 was given to a North Dakota entrepreneur in 2003.

Getting a small business loan in Richardton, North Dakota was important for this business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Dakota Commun Bank, operating out of Hebron, North Dakota. Here are the details 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 bank loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 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

4/3/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $112,500.

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 8 employees. The SBA loan documents did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start a business or need money to grow a business, an SBA loan can be a great way to raise money

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Dakota Commun Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Direct Public Offerings

SBA Approved Banks in Hebron, North Dakota

SBA North Dakota Lenders