Raising Money for On-Line Information Services

With these business loans for on-line information services, the SBA guarantees the lender that the loan will be repaid. This on-line information services loan for $50,000 was given to a North Dakota entrepreneur in 2002.

This small business knew how to go about getting a business bank loan. Based in Valley City, North Dakota, they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Bank Forward, based in Valley City, North Dakota.

SBA Loan Borrower

COMPANY TYPE: ON-LINE INFORMATION SERVICES
VALLEY CITY, ND 58072

SBA Loan Lender

BANK FORWARD
430 W MAIN ST
VALLEY CITY, ND 58072

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

514191 - On-Line Information Services

Loan Approval Date

1/4/2002

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you are wondering how to find money to start a business or already have a business and need money to expand, an SBA loan can be a great source of funding.

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 Bank Forward 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:

Strategic Investors

Small Bank Loans in Valley City, North Dakota

SBA Lenders in North Dakota