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December 19, 2024 |
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| Home > Small Business Lenders by State > Minnesota Business Loan Sources > Fargo, Business Loans > American Federal Bank Fargo Business Loans > General Automotive Repair Loan | ||||
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American Federal Bank
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American Federal Bank SBA Loan to General Automotive Repair CompanyAmerican Federal Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Minnesota entrepreneur who tapped into the power of SBA loans. This growing company knew how to go about getting a business bank loan. Based in Underwood, Minnesota, they applied for and received an SBA-guaranteed loan in 2006. The lending bank was American Federal Bank, based in Fargo, North Dakota. SBA Loan Borrower COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SBA Loan Lender AMERICAN FEDERAL BANK This bank loan was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours. 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 811111 - General Automotive Repair Loan Approval Date 2/28/2006 Loan Approval Gross Amount $162,000 Loan Approval from the SBA Of the total $162,000 loan amount, the SBA guaranteed $81,000. 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 2 employees. This SBA loan request indicated that the loan would help retain 2 existing jobs. Start the Process for Getting an SBA Loan Today! Many small businesses receive loans backed by the U.S. Small Business Administration. The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. American Federal Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, American Federal Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers. The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail. 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: Accountant's Role in Securing Financing SBA 7A Banks in Fargo, North Dakota
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