Lead, South Dakota Bank Gives SBA Loan to Plumbing, Heating, And Air-Conditioning Company

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

Applying for an SBA loan with First National Bank worked out well for our friends at one local firm in Deadwood, South Dakota. They received an SBA loan for $30,400. Great job!

SBA Loan Borrower

COMPANY TYPE: PLUMBING, HEATING, AND AIR-CONDITIONING
DEADWOOD, SD 57732

SBA Loan Lender

FIRST NATIONAL BANK
300 W MAIN ST
LEAD, SD 57754

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1711 - Plumbing, Heating, and Air-Conditioning

NAICS Code

235110 - Plumbing, Heating, and Air Conditioning Contractors

Loan Approval Date

9/7/2000

Loan Approval Gross Amount

$30,400

Loan Approval from the SBA

Of the total $30,400 loan amount, the SBA guaranteed $24,320.

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 documents did not indicate that the small business promised to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

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:

Obtaining Funding - Friends and Family

Good Banks for Small Business in Lead, South Dakota

SBA South Dakota Lenders