Grand Forks, North Dakota Bank Lends Money to Car Washes Company in Mayville, North Dakota

A Grand Forks, North Dakota business loan can be yours. Learn how a company got a $150,000 business loan from this North Dakota bank.

This loan to an entrepreneur is a good example of an SBA loan. Alerus Financial made the loan and the SBA guaranteed a portion of the loan. Many other North Dakota entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take.

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
MAYVILLE, ND 58257

SBA Loan Lender

ALERUS FINANCIAL
401 DEMERS AVE
GRAND FORKS, ND 58201

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

811192 - Car Washes

Loan Approval Date

5/16/2007

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $75,000.

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 only one employee. The SBA loan application for the borrower indicated that the loan would help generate 1 new job and retain 1 existing job.

Next Steps for Getting an SBA Loan

If you want money for new small business in Mayville ND, you ought to talk with a local Mayville SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Mayville businesses.

This company got an SBA loan. You can too! Maybe you want money for start up business? Maybe you want money to buy a franchise? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.

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:

Role of Business Plan When Raising Money

Small Bank Loans in Grand Forks, North Dakota

Getting an SBA Loan in North Dakota