Towner, North Dakota Business Gets SBA-Guaranteed Funding from Merchants Bank

An SBA loan from Merchants Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Towner, North Dakota business owner got a $30,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Towner, North Dakota was able to borrow $30,000 from Merchants Bank. The SBA made the loan possible by guaranteeing $15,000 of this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: CONSTRUCTION AND MINING MACHINERY AND EQUIPMENT MERCHANT
TOWNER, ND 58788

SBA Loan Lender

MERCHANTS BANK
210 S MAIN AVE
RUGBY, ND 58368

The lender provided this 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

423810 - Construction and Mining Machinery and Equipment Merchant

Loan Approval Date

5/25/2007

Loan Approval Gross Amount

$30,000

Loan Approval from the SBA

Of the total $30,000 loan amount, the SBA guaranteed $15,000.

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 3 employees. The SBA loan documents indicated that the loan would help retain 3 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans provide money to small business owners for working capital for other expenses.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Merchants Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

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Best Rugby, North Dakota Banks for Small Business

Where to Get an SBA Loan North Dakota