Fargo, North Dakota Business Gets SBA-Guaranteed Funding from Ramsey National Bank & Trust - Devi
Ramsey National Bank & Trust - Devi and the SBA work together to get business loans for growing small businesses. Here's an example of how a North Dakota entrepreneur was able to get a loan to take a small business to the next level.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Fargo, North Dakota was able to borrow $20,000 from Ramsey National Bank & Trust - Devi. The SBA made the loan possible by guaranteeing $17,000 of this North Dakota small business loan.
SBA Loan Borrower
COMPANY TYPE: WOMEN, CHILDREN, AND INFANTS CLOTHING AND ACCESSORIES MERCHANT WHOLESALER
FARGO, ND 58103
SBA Loan Lender
RAMSEY NATIONAL BANK & TRUST - DEVI
300 4TH ST NE
DEVILS LAKE, ND 58301
This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
424330 - Women, Children, and Infants Clothing and Accessories Merchant Wholesaler
Loan Approval Date
1/27/2004
Loan Approval Gross Amount
$20,000
Loan Approval from the SBA
Of the total $20,000 loan amount, the SBA guaranteed $17,000.
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 4 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.
Next Steps for Getting an SBA Loan
The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.
This SBA loan was for $20,000. How would you spend $20,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.
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:
Family and Friend Investors - Your First Financiers
SBA Approved Banks in Devils Lake, North Dakota
Getting an SBA Loan in North Dakota