First Savings Bank SBA Loan to Sporting And Recreational Goods And Supplies Merchant Wholesalers Company
First Savings Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a South Dakota entrepreneur was able to get a loan to take a small business to the next level.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Sioux Falls, South Dakota was able to borrow $80,000 from First Savings Bank. The SBA made the loan possible by guaranteeing $68,000 of this South Dakota small business loan.
SBA Loan Borrower
COMPANY TYPE: SPORTING AND RECREATIONAL GOODS AND SUPPLIES MERCHANT WHOLESALERS
SIOUX FALLS, SD 57105
SBA Loan Lender
FIRST SAVINGS BANK
2301 E 10TH ST
SIOUX FALLS, SD 57103
This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
423910 - Sporting and Recreational Goods and Supplies Merchant Wholesalers
Loan Approval Date
12/1/2003
Loan Approval Gross Amount
$80,000
Loan Approval from the SBA
Of the total $80,000 loan amount, the SBA guaranteed $68,000.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 3 employees. The loan application did not indicate that the company promised to use the funding to add employees or retain any existing employees.
Great, But How Can I Get an SBA Loan for My Business?
Many small businesses receive loans backed by the U.S. Small Business Administration.
We can help you find the best banks for small businesses in Sioux Falls or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.
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:
The Art of Bootstrapping
SBA 7A Banks in Sioux Falls, South Dakota
Browse All Business Loan Sources for South Dakota