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May 17, 2024 |
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| Home > Small Business Lenders by State > South Dakota Business Loan Sources > Watertown, Business Loans > Great Western Bank Watertown Business Loans > Automotive Body, Paint, And Interior Repair And Maintenance Loan | ||||
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Business Loans for Dell Rapids Business Owners
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Automotive Body, Paint, and Interior Repair and Maintenance Bank LoansWith these bank loans for automotive body, paint, and interior repair and maintenance, the SBA guarantees the lender that the loan will be repaid. This automotive body, paint, and interior repair and maintenance loan for $61,200 was given to a South Dakota entrepreneur in 2001. Getting a small business loan in Dell Rapids, South Dakota was important for this company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Great Western Bank, operating out of Watertown, South Dakota. Here are the details on this South Dakota small business loan. SBA Loan Borrower COMPANY TYPE: AUTOMOTIVE BODY, PAINT, AND INTERIOR REPAIR AND MAINTENANCE SBA Loan Lender GREAT WESTERN BANK This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with appliying for an SBA loan . 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. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 811121 - Automotive Body, Paint, and Interior Repair and Maintenance Loan Approval Date 2/8/2001 Loan Approval Gross Amount $61,200 Loan Approval from the SBA Of the total $61,200 loan amount, the SBA guaranteed $52,020. 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 only one employee. The SBA loan documents did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan. This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank. 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: SBA Approved Banks in Watertown, South Dakota Getting a Business Loan in South Dakota
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