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May 18, 2024 |
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| Home > Small Business Lenders by State > North Dakota Business Loan Sources > Hillsboro, Business Loans > The Goose River Bank Hillsboro Business Loans > Highway And Street Construction Loan | ||||
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The Goose River Bank Business Loan Hillsboro, North Dakota
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The Goose River Bank SBA Loan to Highway And Street Construction CompanyThe Goose River Bank 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 Hillsboro, North Dakota was able to borrow $249,800 from The Goose River Bank. The SBA made the loan possible by guaranteeing $187,350 of this North Dakota small business loan. SBA Loan Borrower COMPANY TYPE: HIGHWAY AND STREET CONSTRUCTION SBA Loan Lender THE GOOSE RIVER BANK SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This business loan was issued via the SBA 7a lending program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 234110 - Highway and Street Construction Loan Approval Date 3/30/2001 Loan Approval Gross Amount $249,800 Loan Approval from the SBA Of the total $249,800 loan amount, the SBA guaranteed $187,350. 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 2 employees. The SBA loan application for the borrower did not indicate that the small business planned to use the loan proceeds to increase staffing levels 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 The Goose River 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: Best Hillsboro, North Dakota Banks for Small Business
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