Sioux Falls, South Dakota Bank Gives SBA Loan to Intermediate Care Facilities Company

Get to know Sioux Falls, South Dakota banks that specialize in SBA loans and know how to work with entrepreneurs. First Midwest Bank is one such bank, as evidenced by this SBA loan to a growing company.

Finding a small business loan in Colton, South Dakota starts with an understanding of who else has gotten loans in the area. In this case, a local business received funding from First Midwest Bank. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: INTERMEDIATE CARE FACILITIES
COLTON, SD 57018

SBA Loan Lender

FIRST MIDWEST BANK
3310 W 49TH ST
SIOUX FALLS, SD 57106

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

8052 - Intermediate Care Facilities

NAICS Code

623311 - Continuing Care Retirement Communities

Loan Approval Date

8/29/2002

Loan Approval Gross Amount

$750,000

Loan Approval from the SBA

Of the total $750,000 loan amount, the SBA guaranteed $562,500.

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 14 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.

Start the Process for Getting an SBA Loan Today!

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.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First Midwest 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:

Getting a Small Business Loan

SBA 7A Banks for Sioux Falls, South Dakota Loans

Getting an SBA Loan in South Dakota