Bank Loans for Highway and Street Construction

With these bank loans for highway and street construction, the SBA guarantees the lender that the loan will be repaid. This highway and street construction loan for $61,000 was given to a South Dakota entrepreneur in 2002.

Getting a small business loan in Letcher, South Dakota was important for this growing firm back in 2002 and, based on their loan application, they were successful in getting an SBA loan from First Dakota National Bank, operating out of Mitchell, South Dakota. Here are the details on this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: HIGHWAY AND STREET CONSTRUCTION
LETCHER, SD 57359

SBA Loan Lender

FIRST DAKOTA NATIONAL BANK
500 E NORWAY
MITCHELL, SD 57301

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

234110 - Highway and Street Construction

Loan Approval Date

4/3/2002

Loan Approval Gross Amount

$61,000

Loan Approval from the SBA

Of the total $61,000 loan amount, the SBA guaranteed $51,850.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First Dakota National Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Dakota National Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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:

Determining Proper Capital Structure for a Business

SBA Approved Banks in Mitchell, South Dakota

Getting a Business Loan in South Dakota