Hillsboro, North Dakota Entrepreneur Gets a Small Business Loan

Would a North Dakota small business loan help your small business to grow and prosper? If so, you may want to talk with this North Dakota bank, which offers SBA loans to North Dakota entrepreneurs.

This business, based in Hillsboro, North Dakota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from The Goose River Bank. We've got the inside scoop on this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: GROCERY AND RELATED PRODUCTS MERCHANT WHOLESALERS
HILLSBORO, ND 58045

SBA Loan Lender

THE GOOSE RIVER BANK
44 W MAIN ST
MAYVILLE, ND 58257

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

424490 - Grocery and Related Products Merchant Wholesalers

Loan Approval Date

1/25/2005

Loan Approval Gross Amount

$70,000

Loan Approval from the SBA

Of the total $70,000 loan amount, the SBA guaranteed $59,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower did not indicate that the business promised to use the funding to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like The Goose River Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Getting a Small Business Loan

Small Bank Loans in Mayville, North Dakota

North Dakota SBA 7A Banks