First National Bank In Philip Gives SBA Loan to General Automotive Repair Company

Would a South Dakota bank loan help help your firm avoid a serious cash crunch? If so, you may want to talk with this South Dakota bank, which offers SBA loans to South Dakota entrepreneurs.

You can learn something about getting a small business loan in Kadoka, South Dakota by studying this loan to a local company, made back in 2004. Banks like First National Bank In Philip may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: GENERAL AUTOMOTIVE REPAIR
KADOKA, SD 57543

SBA Loan Lender

FIRST NATIONAL BANK IN PHILIP
103 E OAK ST
PHILIP, SD 57567

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811111 - General Automotive Repair

Loan Approval Date

2/13/2004

Loan Approval Gross Amount

$72,500

Loan Approval from the SBA

Of the total $72,500 loan amount, the SBA guaranteed $61,625.

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 4 employees. The SBA loan documents did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First National Bank In Philip and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

The Friends and Family Network

SBA 7A Banks for Philip, South Dakota Loans

South Dakota SBA 7A Lenders