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May 6, 2024 |
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| Home > Small Business Lenders by State > South Dakota Business Loan Sources > Sioux Falls, Business Loans > Minnwest Bank Sioux Falls Sioux Falls Business Loans > Plastics Material And Resin Manufacturing Loan | ||||
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Sioux Falls, South Dakota SBA Banks
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Sioux Falls, South Dakota Bank Lends Money to Plastics Material And Resin Manufacturing Company in Sioux Falls, South DakotaFind Sioux Falls, South Dakota banks that specialize in small business loans and know how to work with entrepreneurs. Minnwest Bank Sioux Falls is one such bank, as evidenced by this SBA loan to one business. Finding a small business loan in Sioux Falls, South Dakota starts with an understanding of who else has gotten loans in the area. In this case, a small company received funding from Minnwest Bank Sioux Falls. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed. SBA Loan Borrower COMPANY TYPE: PLASTICS MATERIAL AND RESIN MANUFACTURING SBA Loan Lender MINNWEST BANK SIOUX FALLS This SBA loan was issued under the SBA's Certified Lenders Program (CLP), which means that this lending institution has a successful SBA lending history and are well trained in SBA loan requirements. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 325211 - Plastics Material and Resin Manufacturing Loan Approval Date 1/10/2007 Loan Approval Gross Amount $998,280 Loan Approval from the SBA Of the total $998,280 loan amount, the SBA guaranteed $748,710. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 8 employees. The SBA loan application for the borrower did not indicate that the business planned to use the money to hire new employees or retain any existing employees. Getting an SBA Loan For Your Business SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory. 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: Realistic Debt Financing Options SBA 7A Lenders in Sioux Falls, South Dakota Getting a Business Loan in South Dakota
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