Dacotah Bank Gives Small Business Loan to Engineering Services Company
Bank loans in South Dakota are hard to find these days. We take a look at one South Dakota bank loan, provided by a South Dakota bank, that was approved by the SBA.
This business, based in Custer, 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 Dacotah Bank. We've got the inside scoop on this South Dakota small business loan.
SBA Loan Borrower
COMPANY TYPE: ENGINEERING SERVICES
CUSTER, SD 57730
SBA Loan Lender
308 S MAIN ST
ABERDEEN, SD 57401
This was a Low Documentation SBA loan. The SBA launched this program to limit 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. Currently, $100,000 is the maximum loan amount.
SBA Loan Program Type
This loan was issued as a general business loan.
541330 - Engineering Services
Loan Approval Date
Loan Approval Gross Amount
Loan Approval from the SBA
Of the total $63,400 loan amount, the SBA guaranteed $53,890.
More Information on This SBA Loan
The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 9 employees. The SBA loan documents did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees.
Next Steps for Getting an SBA Loan
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. Dacotah Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Dacotah 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.
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