Aberdeen, South Dakota Bank Gives SBA Loan to Florists Company
An Aberdeen, South Dakota small business loan can be yours. Learn how a company got a $48,000 business loan from this South Dakota bank.
This loan to an entrepreneur is a good example of an SBA loan. Dacotah Bank made the loan and the SBA guaranteed a portion of the loan. Many other South Dakota entrepreneurs have gotten similar loans. If you need money for a business, this may be the best route to take.
SBA Loan Borrower
COMPANY TYPE: FLORISTS
RAPID CITY, SD 57701
SBA Loan Lender
308 S MAIN ST
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 7A business loans to American small businesses.
SBA Loan Program Type
This loan was issued as a general business loan.
453110 - Florists
Loan Approval Date
Loan Approval Gross Amount
Loan Approval from the SBA
Of the total $48,000 loan amount, the SBA guaranteed $40,800.
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 9 employees. The SBA loan documents indicated that the loan would help retain 9 existing jobs.
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.
There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.
Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!
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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