Loan Census Banking News and Information
February 8, 2023  
 
 
  Business Loan Information  
 

Aberdeen Bank Loan

 

 
Loan Census SBA Loan Info

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

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

Cortrust 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: GENERAL AUTOMOTIVE REPAIR SHOPS
ABERDEEN, SD 57401

SBA Loan Lender

CORTRUST BANK
519 6TH AVE SE
ABERDEEN, SD 57401

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA small business loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7538 - General Automotive Repair Shops

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

12/8/2005

Loan Approval Gross Amount

$242,000

Loan Approval from the SBA

Of the total $242,000 loan amount, the SBA guaranteed $181,500.

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. This SBA loan request did not indicate that the business planned to use the loan proceeds to hire new employees 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.

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

Related Links:

Equity Financing

Find an SBA Lender in Aberdeen, South Dakota

Getting an SBA Loan in South Dakota