SBA Loan from First State Bank Helps Bowling Centers Company

An SBA loan from First State Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Armour, South Dakota business owner got a $42,000 loan.

Getting a small business loan in Armour, South Dakota was an essential business goal for this firm back in 2003 and, based on their loan application, they were successful in getting an SBA loan from First State Bank, operating out of Armour, South Dakota. Here are the details on this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: BOWLING CENTERS
ARMOUR, SD 57313

SBA Loan Lender

FIRST STATE BANK
703 MAIN ST
ARMOUR, SD 57313

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. The low-doc program requires 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.

NAICS Code

713950 - Bowling Centers

Loan Approval Date

8/13/2003

Loan Approval Gross Amount

$42,000

Loan Approval from the SBA

Of the total $42,000 loan amount, the SBA guaranteed $35,700.

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 5 employees. The SBA loan application for the borrower did not indicate that the business planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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:

Investor Turnoffs

SBA 7A Banks in Armour, South Dakota

SBA South Dakota Lenders