Loan Census Banking News and Information
January 29, 2023  
 
 
  Business Loan Information  
 

Banks in Aberdeen, South Dakota That Make SBA Loans

 

 
Loan Census SBA Loan Info

Entrepreneur Works With Aberdeen, South Dakota Bank to Get an SBA Loan

Get small business loans from an Aberdeen, South Dakota bank that knows how to treat small business owners right! If this firm can get a loan, there's no reason you can't do it too.

Dacotah Bank is a Aberdeen, South Dakota small business lender that is dedicated to providing financing to small businesses. In this case, they gave a small business loan to a South Dakota company.

SBA Loan Borrower

COMPANY TYPE: COIN-OPERATED LAUNDRIES AND DRYCLEANERS
ABERDEEN, SD 57401

SBA Loan Lender

DACOTAH BANK
308 S MAIN ST
ABERDEEN, SD 57401

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

812310 - Coin-Operated Laundries and Drycleaners

Loan Approval Date

3/15/2005

Loan Approval Gross Amount

$72,000

Loan Approval from the SBA

Of the total $72,000 loan amount, the SBA guaranteed $61,200.

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 loan application did not indicate that the business promised to use the loan proceeds to add 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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Dacotah Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Angel Investors

Best Banks for Small Business in Aberdeen, South Dakota

Getting an SBA Loan in South Dakota