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November 15, 2024 |
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| Home > Small Business Lenders by State > South Dakota Business Loan Sources > Sioux Falls, Business Loans > Dacotah Bank Sioux Falls Business Loans > Full-Service Restaurants Loan | ||||
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Canistota, South Dakota Bank Loan
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Growing Company Gets a South Dakota Business LoanWant a South Dakota bank loan? This South Dakota entrepreneur got a bank loan, provided by a South Dakota bank that works with the SBA to help small business owners. By giving the right information to Dacotah Bank, this Canistota, South Dakota business was able to get an SBA loan. To get this loan, the entrepreneur gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender DACOTAH BANK This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 10/25/2001 Loan Approval Gross Amount $70,000 Loan Approval from the SBA Of the total $70,000 loan amount, the SBA guaranteed $59,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 6 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees. Great, But How Can I Get an SBA Loan for My Business? If you are working on finding money to start a business in Canistota SD, you ought to talk with a local Canistota SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Canistota businesses. The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Dacotah Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you. 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: Where to Get an SBA Loan in Sioux Falls, South Dakota Find an SBA Lender in South Dakota
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