Entrepreneur Works With Spearfish, South Dakota Bank to Get an SBA Loan

Find Spearfish, South Dakota banks that specialize in business loans and know how to work with entrepreneurs. The First Western Bank Sturgis is one such bank, as evidenced by this SBA loan to one business.

Finding a small business loan in Lead, South Dakota starts with an understanding of who else has gotten loans in the area. In this case, a local firm received funding from The First Western Bank Sturgis. Without an SBA guarantee, it's probable that this company would have had a harder time getting financed.

SBA Loan Borrower

COMPANY TYPE: LOGGING
LEAD, SD 57754

SBA Loan Lender

THE FIRST WESTERN BANK STURGIS
1400 NORTH AVE
SPEARFISH, SD 57783

This was a Low Documentation SBA loan. The SBA launched this program to minimize the paperwork associated with getting a loan . The low-doc program is quick, requiring 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

113310 - Logging

Loan Approval Date

4/26/2002

Loan Approval Gross Amount

$69,700

Loan Approval from the SBA

Of the total $69,700 loan amount, the SBA guaranteed $59,245.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 7 employees. The SBA loan application for the borrower did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

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 The First Western Bank Sturgis 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.

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