Financing for Homes for the Elderly

Looking for commercial loans for homes for the elderly? Try the SBA. This $760,000 homes for the elderly loan was issued by a South Dakota bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Colton, South Dakota was able to borrow $760,000 from First Midwest Bank. The SBA made the loan possible by guaranteeing $448,400 of this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: RESIDENTIAL CARE
COLTON, SD 57018

SBA Loan Lender

FIRST MIDWEST BANK
1113 S MINNESOTA AVE
SIOUX FALLS, SD 57105

This lender issued this loan for a small business under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 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

8361 - Residential Care

NAICS Code

623312 - Homes for the Elderly

Loan Approval Date

12/23/2003

Loan Approval Gross Amount

$760,000

Loan Approval from the SBA

Of the total $760,000 loan amount, the SBA guaranteed $448,400.

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 12 employees. The loan application 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 loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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:

How to Raise Money

SBA Banks in Sioux Falls, South Dakota

Find an SBA Lender in South Dakota