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May 15, 2024 |
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| Home > Small Business Lenders by State > North Dakota Business Loan Sources > Portland, Business Loans > The First And Farmers Bank Portland Business Loans > Industrial Machinery And Equipment Loan | ||||
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SBA Loan from The First And Farmers Bank
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The First And Farmers Bank SBA Loan to Industrial Machinery And Equipment CompanyThe First And Farmers Bank has a track record as a leading provider of SBA loans. Find out how this North Dakota entrepreneur received an SBA loan from them. Getting a small business loan in Mayville, North Dakota was an essential business goal for this firm back in 2000 and, based on their loan application, they were successful in getting an SBA loan from The First And Farmers Bank, operating out of Portland, North Dakota. Here are the details on this North Dakota small business loan. SBA Loan Borrower COMPANY TYPE: INDUSTRIAL MACHINERY AND EQUIPMENT SBA Loan Lender THE FIRST AND FARMERS BANK This lender issued this bank loan under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5084 - Industrial Machinery and Equipment NAICS Code 421830 - Industrial Machinery and Equipment Wholesalers Loan Approval Date 2/15/2000 Loan Approval Gross Amount $150,000 Loan Approval from the SBA Of the total $150,000 loan amount, the SBA guaranteed $112,500. More Information on This SBA Loan The borrower borrowed this money for an existing 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 8 employees. The SBA loan documents did not indicate that the business planned to use the funding 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. If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from The First And Farmers Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA. 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: SBA Participating Banks in Portland, North Dakota
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