Company Gets a South Dakota Small Business Loan

SBA loans in South Dakota are are few and far betweeen these days. We take a look at one South Dakota SBA loan, provided by a South Dakota bank, that was approved by the SBA.

This business, based in Canton, South Dakota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from First Savings Bank. We've got the inside scoop on this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: SCIENTIFIC AND TECHNICAL CONSULTING SERVICES
CANTON, SD 57013

SBA Loan Lender

FIRST SAVINGS BANK
201 N 3RD ST
BERESFORD, SD 57004

This was a Low Documentation SBA loan. The SBA started this program to minimize 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. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

541690 - Scientific and Technical Consulting Services

Loan Approval Date

3/11/2005

Loan Approval Gross Amount

$117,200

Loan Approval from the SBA

Of the total $117,200 loan amount, the SBA guaranteed $99,620.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 4 employees. The loan application did not indicate that the small business promised 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?

If you need money to start a small business or already have a business and need money to expand, an SBA loan can be a great way to raise money

Your solution for where to find money to start a business may be an SBA guaranteed loan. This company recognized that the SBA offers great programs for new and growing businesses. Now it's your turn. Talk to a banker to start the process.

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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