Sioux City, Iowa Bank Gives SBA Loan to Limited-Service Restaurants Company

Thinking about meeting with a Sioux City, Iowa bank about a business loan? Here's one South Dakota business loan, issued by a Sioux City bank, that was approved by the SBA.

Applying for an SBA loan with Security National Bank - Sioux City worked out well for our friends at one local firm in Dakota Dunes, South Dakota. They received an SBA loan for $34,000. Awesome!

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
DAKOTA DUNES, SD 57049

SBA Loan Lender

SECURITY NATIONAL BANK - SIOUX CITY
601 PIERCE ST
SIOUX CITY, IA 51101

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with getting a loan . The low-doc program involves completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

8/13/2002

Loan Approval Gross Amount

$34,000

Loan Approval from the SBA

Of the total $34,000 loan amount, the SBA guaranteed $28,900.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 4 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Remember, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Security National Bank - Sioux City and they will explain how you can get an SBA loan for your company.

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:

Startup Funding Tip

SBA Participating Banks in Sioux City, Iowa

SBA Lenders in Iowa