Lemmon, South Dakota Bank Gives SBA Loan to Limited-Service Restaurants Company

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

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

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
LEMMON, SD 57638

SBA Loan Lender

DACOTAH BANK
321 MAIN AVE
LEMMON, SD 57638

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with getting a loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

4/26/2002

Loan Approval Gross Amount

$69,500

Loan Approval from the SBA

Of the total $69,500 loan amount, the SBA guaranteed $59,075.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. 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 money to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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