Rugby, North Dakota Entrepreneur Gets a Small Business Loan

North DakotaSmall business loans are available to North Dakota small business owners through the SBA. In this case, a North Dakota bank provides the loan.

Getting a small business loan in Rugby, North Dakota was a top priority for this small company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Bremer Bank. Here are the details on this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: OFFICES AND CLINICS OF DOCTORS OF MEDICINE
RUGBY, ND 58368

SBA Loan Lender

BREMER BANK
105 3RD ST SW
RUGBY, ND 58368

This loan for a small business was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8011 - Offices and Clinics of Doctors of Medicine

NAICS Code

621111 - Physicians

Loan Approval Date

3/26/2002

Loan Approval Gross Amount

$625,000

Loan Approval from the SBA

Of the total $625,000 loan amount, the SBA guaranteed $468,750.

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 84 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

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 Bremer 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:

Angel Investors

Best Rugby, North Dakota Banks for Small Business

Find an SBA Lender in North Dakota