Business Loan from Farmers State Bank Given to Stationery And Office Supplies Merchant Wholesalers Company

Farmers State Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a South Dakota entrepreneur was able to get a loan to take a small business to the next level.

This business received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Farmers State Bank, out of Parkston, South Dakota. The loan was granted and they received $65,500 to help grow their Dimock, South Dakota business.

SBA Loan Borrower

COMPANY TYPE: STATIONERY AND OFFICE SUPPLIES MERCHANT WHOLESALERS
DIMOCK, SD 57331

SBA Loan Lender

FARMERS STATE BANK
103 W MAIN ST
PARKSTON, SD 57366

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.

NAICS Code

424120 - Stationery and Office Supplies Merchant Wholesalers

Loan Approval Date

7/20/2005

Loan Approval Gross Amount

$65,500

Loan Approval from the SBA

Of the total $65,500 loan amount, the SBA guaranteed $55,675.

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 only one employee. The SBA loan documents did not indicate that the SBA funding recipient promised to use the money to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $65,500 loan. Remember, things become real when you believe you can achieve them!

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

SBA 7A Banks for Parkston, South Dakota Loans

SBA Lenders in South Dakota