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May 5, 2024 |
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| Home > Small Business Lenders by State > Iowa Business Loan Sources > Sioux Falls, Business Loans > Minnwest Bank Sioux Falls Sioux Falls Business Loans > Fitness And Recreational Sports Centers Loan | ||||
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Requirements for Businesses On Getting a Loan
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Get an SBA Loan for Fitness and Recreational Sports CentersLooking for small business loans for fitness and recreational sports centers? Talk to a banker who works with the SBA. This $99,600 fitness and recreational sports centers loan was issued by a South Dakota bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Sioux City, Iowa was able to borrow $99,600 from Minnwest Bank Sioux Falls. The SBA made the loan possible by guaranteeing $84,660 of this Iowa small business loan. SBA Loan Borrower COMPANY TYPE: FITNESS AND RECREATIONAL SPORTS CENTERS SBA Loan Lender MINNWEST BANK SIOUX FALLS This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with getting a 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 713940 - Fitness and Recreational Sports Centers Loan Approval Date 10/12/2004 Loan Approval Gross Amount $99,600 Loan Approval from the SBA Of the total $99,600 loan amount, the SBA guaranteed $84,660. More Information on This SBA Loan The borrower borrowed this money for a new 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 only one employee. The SBA loan documents did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees. 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. Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $99,600 loan. Remember, you control your own destiny. 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 Banks in Sioux Falls, South Dakota
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