South Dakota Bank Loan Issued to Optometrists Company

Would a South Dakota SBA loan help your business get to the next level? 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 particular business back in 2004 and, based on their loan application, they were successful in getting an SBA loan from 1st National Bank In Sioux Falls. Here are the details on this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: OPTOMETRISTS
SIOUX FALLS, SD 57108

SBA Loan Lender

1ST NATIONAL BANK IN SIOUX FALLS
100 S PHILLIPS AVE
SIOUX FALLS, SD 57104

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

621320 - Optometrists

Loan Approval Date

4/16/2004

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

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 3 employees. The SBA loan documents did not indicate that the small business planned to use the money to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. 1st National Bank In Sioux Falls had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, 1st National Bank In Sioux Falls 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.

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SBA Participating Banks in Sioux Falls, South Dakota

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