South Dakota Small Business Loan Issued to Soil Preparation Services Company

South DakotaBank loans are available to South Dakota firms through the SBA. In this case, a South Dakota bank provides the loan.

Getting a small business loan in Colome, South Dakota was a top priority for this loan applicant back in 2004 and, based on their loan application, they were successful in getting an SBA loan from First Fidelity Bank. Here are the details on this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: SOIL PREPARATION SERVICES
COLOME, SD 57528

SBA Loan Lender

FIRST FIDELITY BANK
301 MAIN ST
COLOME, SD 57528

This lender issued this loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

0711 - Soil Preparation Services

NAICS Code

115112 - Soil Preparation, Planting, and Cultivating

Loan Approval Date

1/23/2004

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from First Fidelity Bank 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.

Related Links:

SBIR Funding

Best Banks in Colome, South Dakota

Getting an SBA Loan in South Dakota