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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 > Automotive Dealers Loan | ||||
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North Dakota SBA 7A Lenders
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Entrepreneur Works With Portland, North Dakota Bank to Get an SBA LoanFind Portland, North Dakota banks that specialize in business loans and know how to work with entrepreneurs. The First And Farmers Bank is one such bank, as evidenced by this SBA loan to one business. Finding a small business loan in Portland, North Dakota starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from The First And Farmers Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE DEALERS SBA Loan Lender THE FIRST AND FARMERS BANK This lender issued this bank loan under the 7A SBA 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 5599 - Automotive Dealers NAICS Code 441229 - Motor Vehicle Dealers Loan Approval Date 3/22/2002 Loan Approval Gross Amount $225,000 Loan Approval from the SBA Of the total $225,000 loan amount, the SBA guaranteed $168,750. 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 6 employees. The SBA loan application for the borrower did not indicate that the company promised to use the funding to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? 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. While you may be able to find other ways to get money to start a business, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: Good Banks for Small Business in Portland, North Dakota
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