West Fargo, North Dakota Entrepreneur Gets an SBA Loan

North DakotaBank loans are available to North Dakota firms through the SBA. In this case, a North Dakota bank provides the loan.

Getting a small business loan in West Fargo, North Dakota was a top priority for this loan applicant back in 2001 and, based on their loan application, they were successful in getting an SBA loan from State Bank & Trust. Here are the details on this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: PREFABRICATED METAL BUILDINGS AND COMPONENTS
WEST FARGO, ND 58078

SBA Loan Lender

STATE BANK & TRUST
409 SHEYENNE ST
WEST FARGO, ND 58078

This lender issued this small business loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

3448 - Prefabricated Metal Buildings and Components

NAICS Code

332311 - Prefabricated Metal Building and Component Manufacturing

Loan Approval Date

12/28/2001

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $375,000.

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 5 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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 State Bank & Trust 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:

Dealing With Venture Capitalists

SBA Participating Banks in West Fargo, North Dakota

North Dakota SBA Bank Lenders