First Fed. Bank A Fed. Savings SBA Loan to Eating Places Company

Want a South Dakota SBA loan? Here's one South Dakota business loan that was approved by the SBA.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Beresford, South Dakota was able to borrow $100,000 from First Fed. Bank A Fed. Savings. The SBA made the loan possible by guaranteeing $80,000 of this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
BERESFORD, SD 57004

SBA Loan Lender

FIRST FED. BANK A FED. SAVINGS
101 S 3RD ST
BERESFORD, SD 57004

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.

SIC Code

5812 - Eating Places

Loan Approval Date

2/2/2000

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $80,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 6 employees. The SBA loan documents did not indicate that the company promised to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

Don't apply for a loan directly with the SBA. You need to 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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First Fed. Bank A Fed. Savings and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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.

Find an SBA Lender in Beresford, South Dakota

South Dakota SBA Banks

South Dakota Bank SBA Loans

First Fed. Bank A Fed. Savings SBA Loan to Eating Places Company