SBA Loan from Peoples State Bank Helps Eating Places Company

An SBA loan from Peoples State Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Velva, North Dakota business owner got a $6,000 loan.

This small firm received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Peoples State Bank, out of Velva, North Dakota. The loan was granted and they received $6,000 to help grow their Velva, North Dakota business.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
VELVA, ND 58790

SBA Loan Lender

PEOPLES STATE BANK
101 N MAIN ST
VELVA, ND 58790

This business loan 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

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

6/3/2003

Loan Approval Gross Amount

$6,000

Loan Approval from the SBA

Of the total $6,000 loan amount, the SBA guaranteed $5,100.

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 28 employees. The SBA loan documents did not indicate that the small business promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to 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.

We can help you find the best banks for small businesses in Velva or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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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SBA North Dakota Banks