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May 2, 2024 |
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| Home > Small Business Lenders by State > South Dakota Business Loan Sources > Garretson, Business Loans > First Bank & Trust Garretson Business Loans > Full-Service Restaurants Loan | ||||
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Raising Money in Sioux Falls, South Dakota With SBA Loans
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Sioux Falls, South Dakota Entrepreneur Gets a Business LoanWould a South Dakota bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this South Dakota bank, which offers SBA loans to South Dakota entrepreneurs. Getting a small business loan in Sioux Falls, South Dakota was a top priority for this loan applicant back in 2001 and, based on their loan application, they were successful in getting an SBA loan from First Bank & Trust. Here are the details on this South Dakota small business loan. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender FIRST BANK & TRUST This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 8/30/2001 Loan Approval Gross Amount $84,000 Loan Approval from the SBA Of the total $84,000 loan amount, the SBA guaranteed $71,400. 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 10 employees. The loan application did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees. Getting an SBA Loan For Your 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. The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like First Bank & Trust are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you. 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: Who Lends Money to Small Businesses in Garretson, South Dakota
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