Direct Life Insurance Carriers Loans

Looking for loans for direct life insurance carriers? An SBA loan may be just what you've been looking for. This $396,000 direct life insurance carriers loan was issued by a South Dakota bank.

Getting a small business loan in Garretson, South Dakota was important for this growing firm back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Great Western Bank, operating out of Sioux Falls, South Dakota. Here are the details on this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: LIFE INSURANCE
GARRETSON, SD 57030

SBA Loan Lender

GREAT WESTERN BANK
100 N PHILLIPS
SIOUX FALLS, SD 57101

This commercial loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

6311 - Life Insurance

NAICS Code

524113 - Direct Life Insurance Carriers

Loan Approval Date

5/23/2003

Loan Approval Gross Amount

$396,000

Loan Approval from the SBA

Of the total $396,000 loan amount, the SBA guaranteed $297,000.

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 3 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Great Western Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Advice on Getting a Small Business Loan

Best Sioux Falls, South Dakota Banks for Small Business

Find an SBA Lender in South Dakota