Business Loan from First Internatl Bank & Tr Given to Oil And Gas Field Services Company

First Internatl Bank & Tr 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 North Dakota entrepreneur who tapped into the power of SBA loans.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Williston, North Dakota was able to borrow $150,000 from First Internatl Bank & Tr. The SBA made the loan possible by guaranteeing $112,500 of this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: OIL AND GAS FIELD SERVICES
WILLISTON, ND 58802

SBA Loan Lender

FIRST INTERNATL BANK & TR
19 4TH ST EAST
WILLISTON, ND 58801

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with getting a loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1389 - Oil and Gas Field Services

NAICS Code

213112 - Support Activities for Oil and Gas Operations

Loan Approval Date

5/15/2000

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $112,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 5 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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