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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 > First National Bank Rapid City Business Loans > Single-Family Housing Construction Loan | ||||
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Rapid City, South Dakota SBA 7A Banks
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Rapid City, South Dakota Lender Lends Money to Single-Family Housing Construction CompanyA Rapid City, South Dakota small business loan can be yours. Learn how one firm got a $165,000 business loan from this South Dakota bank. This loan to an entrepreneur is a good example of an SBA loan. First National Bank made the loan and the SBA guaranteed a portion of the loan. Many other South Dakota entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take. SBA Loan Borrower COMPANY TYPE: SINGLE-FAMILY HOUSING CONSTRUCTION SBA Loan Lender FIRST NATIONAL BANK This debt financing was issued under the SBA's Certified Lenders Program (CLP), which means that the lender has a successful SBA lending track record and a thorough understanding of SBA policies and procedures. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 1521 - Single-Family Housing Construction NAICS Code 233210 - Single Family Housing Construction Loan Approval Date 7/31/2001 Loan Approval Gross Amount $165,000 Loan Approval from the SBA Of the total $165,000 loan amount, the SBA guaranteed $123,750. 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 only one employee. 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. Next Steps for Getting an SBA Loan 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: Advice on Getting a Small Business Loan Best Rapid City, South Dakota Banks for Small Business
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