Entrepreneur Works With Sioux Falls, South Dakota Bank to Get an SBA Loan

Want to talk with a Sioux Falls, South Dakota bank about a small business loan? Here's one South Dakota business loan, issued by a Sioux Falls bank, that was approved by the SBA.

Applying for an SBA loan with Great Western Bank worked out well for our friends at one local firm in Brandon, South Dakota. The business was able to get an SBA loan for $51,900. Way to go!

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
BRANDON, SD 57005

SBA Loan Lender

GREAT WESTERN BANK
100 N PHILLIPS
SIOUX FALLS, SD 57101

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

722110 - Full-Service Restaurants

Loan Approval Date

7/31/2002

Loan Approval Gross Amount

$51,900

Loan Approval from the SBA

Of the total $51,900 loan amount, the SBA guaranteed $44,115.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 funding to increase staffing levels or retain any existing employees.

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

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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 Great Western Bank 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.

Related Links:

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SBA Approved Banks in Sioux Falls, South Dakota

Getting a Business Loan in South Dakota