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December 20, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Grafton, Business Loans > Choice Financial Group Grafton Business Loans > Automotive Parts And Accessories Stores Loan | ||||
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Grafton Lenders
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Grafton, North Dakota Bank Lends Money to Automotive Parts And Accessories Stores Company in Stephen, MinnesotaA Grafton, North Dakota small business loan can be yours. Learn how a company got a $11,500 business loan from this North Dakota bank. This loan to an entrepreneur is a good example of an SBA loan. Choice Financial Group made the loan and the SBA guaranteed a portion of the loan. Many other Minnesota entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE PARTS AND ACCESSORIES STORES SBA Loan Lender CHOICE FINANCIAL GROUP The lender provided this small business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. 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 441310 - Automotive Parts and Accessories Stores Loan Approval Date 3/18/2005 Loan Approval Gross Amount $11,500 Loan Approval from the SBA Of the total $11,500 loan amount, the SBA guaranteed $5,750. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the loan would help retain 1 existing job. Next Steps for Getting an SBA Loan Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. 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 Choice Financial Group 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: Raising VC Money for Social Networking Companies SBA Banks in Grafton, North Dakota Browse All Business Loan Sources for North Dakota
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