Home Federal Bank SBA Loan to Equipment Rental And Leasing Company

Home Federal 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.

This growing company knew how to go about getting a business bank loan. Based in Brandon, South Dakota, they applied for and received an SBA-guaranteed loan in 2000. The lending bank was Home Federal Bank, based in Sioux Falls, South Dakota.

SBA Loan Borrower

COMPANY TYPE: EQUIPMENT RENTAL AND LEASING
BRANDON, SD 57005

SBA Loan Lender

HOME FEDERAL BANK
225 S MAIN AVE
SIOUX FALLS, SD 57104

This commercial loan was financed by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a thorough analysis of the loan application and, in return, SBA delivers a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

7359 - Equipment Rental and Leasing

Loan Approval Date

6/27/2000

Loan Approval Gross Amount

$112,475

Loan Approval from the SBA

Of the total $112,475 loan amount, the SBA guaranteed $84,356.

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 documents did not indicate that the company planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Home Federal Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Dealing With Venture Capitalists

SBA 7A Lenders in Sioux Falls, South Dakota

SBA Participating Banks in South Dakota