Bank Loans for Construction Sand and Gravel Mining

Looking for bank loans for construction sand and gravel mining? Talk to a banker who works with the SBA. This $200,000 construction sand and gravel mining loan was issued by a North Dakota bank.

Getting a small business loan in Wahpeton, North Dakota was important for this company back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Peoples State Bank, operating out of Fairmount, North Dakota. Here are the details on this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: CONSTRUCTION SAND AND GRAVEL
WAHPETON, ND 58075

SBA Loan Lender

PEOPLES STATE BANK
201 MAIN AVE
FAIRMOUNT, ND 58030

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide bank loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1442 - Construction Sand and Gravel

NAICS Code

212321 - Construction Sand and Gravel Mining

Loan Approval Date

7/20/2005

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $150,000.

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 30 employees. The loan application did not indicate that the business planned to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

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 Peoples State Bank 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:

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Best Banks for Small Business in Fairmount, North Dakota

North Dakota SBA 7A Lenders