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

Aberdeen, South Dakota SBA 7A Banks

 

 
Loan Census SBA Loan Info

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

Want to talk with an Aberdeen, South Dakota bank about a business loan? Here's one South Dakota business loan, issued by an Aberdeen bank, that was approved by the SBA.

Applying for an SBA loan with Cortrust Bank worked out well for our friends at one local firm in Aberdeen, South Dakota. They got an SBA loan for $225,000. Nice!

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR SHOPS
ABERDEEN, SD 57401

SBA Loan Lender

CORTRUST BANK
519 6TH AVE SE
ABERDEEN, SD 57401

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan for a small business was issued via the SBA 7a lending program.

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

1/22/2004

Loan Approval Gross Amount

$225,000

Loan Approval from the SBA

Of the total $225,000 loan amount, the SBA guaranteed $168,750.

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 6 employees. The SBA loan application for the borrower did not indicate that the small business promised to use the loan proceeds to hire new employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Many small businesses receive loans backed by the U.S. Small Business Administration.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Cortrust 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:

Obtaining Funding - How to Decide How Much to Raise

Best Aberdeen, South Dakota Banks for Small Business

SBA South Dakota Banks