Financing for Crop Harvesting, Primarily by Machine

Looking for loans for crop harvesting, primarily by machine? An SBA loan may be just what you've been looking for. This $100,000 crop harvesting, primarily by machine loan was issued by a North Dakota bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in New Rockford, North Dakota was able to borrow $100,000 from Bank Forward. The SBA made the loan possible by guaranteeing $85,000 of this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: DOG AND CAT FOOD
NEW ROCKFORD, ND 58356

SBA Loan Lender

BANK FORWARD
6 S 8TH ST
NEW ROCKFORD, ND 58356

This lender issued this commercial loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 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

2047 - Dog and Cat Food

NAICS Code

115113 - Crop Harvesting, Primarily by Machine

Loan Approval Date

8/27/2003

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

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

Getting an SBA Loan For Your Business

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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

Best New Rockford, North Dakota Banks for Small Business

Where to Get an SBA Loan North Dakota