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May 5, 2024 |
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| Home > Small Business Lenders by State > South Dakota Business Loan Sources > Sioux Falls, Business Loans > Cortrust Bank Sioux Falls Business Loans > Conveyor And Conveying Equipment Manufacturing Loan | ||||
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SD Small Business Loans from Cortrust Bank
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Business Loan from Cortrust Bank Given to Conveyor And Conveying Equipment Manufacturing CompanyAn SBA loan from Cortrust Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Sioux Falls, South Dakota business owner got a $738,000 loan. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Sioux Falls, South Dakota was able to borrow $738,000 from Cortrust Bank. The SBA made the loan possible by guaranteeing $664,200 of this South Dakota small business loan. SBA Loan Borrower COMPANY TYPE: CONVEYOR AND CONVEYING EQUIPMENT MANUFACTURING SBA Loan Lender CORTRUST BANK The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide 7A business loans to to our country's hard-working small business owners. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 333922 - Conveyor and Conveying Equipment Manufacturing Loan Approval Date 10/29/2003 Loan Approval Gross Amount $738,000 Loan Approval from the SBA Of the total $738,000 loan amount, the SBA guaranteed $664,200. 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 3 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees. Start the Process for Getting an SBA Loan Today! SBA loans provide smart, affordable business financing for small businesses looking to expand. SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Cortrust Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify! 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: Obtaining Funding - How to Decide How Much to Raise Best Banks for Small Business in Sioux Falls, South Dakota
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