Lakeside State Bank Gives Small Business Loan to Funeral Service And Crematories Company

SBA loans in North Dakota are hard to find these days. We take a look at one North Dakota SBA loan, provided by a North Dakota bank, that was approved by the SBA.

This company, based in Parshall, 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 Lakeside State Bank. We've got the inside scoop on this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: FUNERAL SERVICE AND CREMATORIES
PARSHALL, ND 58770

SBA Loan Lender

LAKESIDE STATE BANK
323 S MAIN ST
NEW TOWN, ND 58763

This SBA loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7261 - Funeral Service and Crematories

NAICS Code

812210 - Funeral Homes and Funeral Services

Loan Approval Date

6/24/2002

Loan Approval Gross Amount

$250,600

Loan Approval from the SBA

Of the total $250,600 loan amount, the SBA guaranteed $187,950.

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. The loan application did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My 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 Lakeside 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.

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