Loan Census Banking News and Information
February 3, 2023  
 
 
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Great Western Bank SBA Loans

 

 
Loan Census SBA Loan Info

Financing for Chiropractors

With these commercial loans for chiropractors, the SBA guarantees the lender that the loan will be repaid. This chiropractors loan for $110,000 was given to a South Dakota entrepreneur in 2003.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Aberdeen, South Dakota was able to borrow $110,000 from Great Western Bank. The SBA made the loan possible by guaranteeing $93,500 of this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: CHIROPRACTORS
ABERDEEN, SD 57401

SBA Loan Lender

GREAT WESTERN BANK
119 6TH AVE SE
ABERDEEN, SD 57402

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

621310 - Chiropractors

Loan Approval Date

6/2/2003

Loan Approval Gross Amount

$110,000

Loan Approval from the SBA

Of the total $110,000 loan amount, the SBA guaranteed $93,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower did not indicate that the company promised to use the money to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Every year, the SBA guarantees over $10 billion for loans just like this one.

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:

Dealing With Venture Capitalists

SBA Banks in Aberdeen, South Dakota

SBA Lenders in South Dakota