Borrowing Money for Direct Selling Establishments

With these loans for direct selling establishments, the SBA guarantees the lender that the loan will be repaid. This direct selling establishments loan for $140,000 was given to a South Dakota entrepreneur in 2003.

This small firm knew how to go about getting a business bank loan. Based in Brandon, South Dakota, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was First Farmers & Merchants Natl, based in Luverne, Minnesota.

SBA Loan Borrower

COMPANY TYPE: DIRECT SELLING ESTABLISHMENTS
BRANDON, SD 57005

SBA Loan Lender

FIRST FARMERS & MERCHANTS NATL
303 E MAIN
LUVERNE, MN 56156

This lender issued this particular commercial loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

454390 - Direct Selling Establishments

Loan Approval Date

3/31/2003

Loan Approval Gross Amount

$140,000

Loan Approval from the SBA

Of the total $140,000 loan amount, the SBA guaranteed $119,000.

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 3 employees. The SBA loan application for the borrower did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

SBA loans provide money to small business owners for working capital for other expenses.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from First Farmers & Merchants Natl so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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