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May 16, 2024 |
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| Home > Small Business Lenders by State > South Dakota Business Loan Sources > Rapid City, Business Loans > Great Western Bank Rapid City Business Loans > Wood Window And Door Manufacturing Loan | ||||
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Requirements for Small Business Owners On Getting a Loan
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Wood Window and Door Manufacturing SBA LoansLooking for SBA loans for wood window and door manufacturing? Try the SBA. This $35,000 wood window and door manufacturing loan was issued by a South Dakota bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Black Hawk, South Dakota was able to borrow $35,000 from Great Western Bank. The SBA made the loan possible by guaranteeing $29,750 of this South Dakota small business loan. SBA Loan Borrower COMPANY TYPE: WOOD WINDOW AND DOOR MANUFACTURING SBA Loan Lender GREAT WESTERN BANK This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 321911 - Wood Window and Door Manufacturing Loan Approval Date 5/3/2001 Loan Approval Gross Amount $35,000 Loan Approval from the SBA Of the total $35,000 loan amount, the SBA guaranteed $29,750. 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 2 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees. Getting an SBA Loan For Your Business SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options. 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: Best Rapid City, South Dakota Banks for Small Business Getting a Business Loan in South Dakota
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