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May 2, 2024 |
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| Home > Small Business Lenders by State > South Dakota Business Loan Sources > Sioux Falls, Business Loans > 1st National Bank In Sioux Falls Sioux Falls Business Loans > Plumbing, Heating, And Air-Conditioning Contractors Loan | ||||
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Get a Business Loan in Sioux Falls, South Dakota
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South Dakota SBA Loan Issued to Plumbing, Heating, And Air-Conditioning Contractors CompanyWant a South Dakota SBA loan? This South Dakota entrepreneur got an SBA loan, provided by a South Dakota bank that works with the SBA to help small business owners. This company, based in Sioux Falls, South Dakota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from 1st National Bank In Sioux Falls. We've got the inside scoop on this South Dakota small business loan. SBA Loan Borrower COMPANY TYPE: PLUMBING, HEATING, AND AIR-CONDITIONING CONTRACTORS SBA Loan Lender 1ST NATIONAL BANK IN SIOUX FALLS This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 238220 - Plumbing, Heating, and Air-Conditioning Contractors Loan Approval Date 2/22/2005 Loan Approval Gross Amount $85,000 Loan Approval from the SBA Of the total $85,000 loan amount, the SBA guaranteed $72,250. 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 3 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the funding to increase staffing levels or retain any existing employees. Getting an SBA Loan For Your Business SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan. 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: Best Banks for Small Business in Sioux Falls, South Dakota
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