Lemmon, South Dakota Business Gets SBA-Guaranteed Funding from Dacotah Bank

An SBA loan from Dacotah Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Lemmon, South Dakota business owner got a $200,000 loan.

This business knew how to go about getting a business bank loan. Based in Lemmon, South Dakota, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was Dacotah Bank, based in Lemmon, South Dakota.

SBA Loan Borrower

COMPANY TYPE: LUMBER AND OTHER BUILDING MATERIALS DEALER
LEMMON, SD 57638

SBA Loan Lender

DACOTAH BANK
321 MAIN AVE
LEMMON, SD 57638

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide SBA business loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5211 - Lumber and Other Building Materials Dealer

NAICS Code

444110 - Home Centers

Loan Approval Date

11/15/2001

Loan Approval Gross Amount

$200,000

Loan Approval from the SBA

Of the total $200,000 loan amount, the SBA guaranteed $150,000.

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 16 employees. The loan application did not indicate that the company promised to use the loan proceeds to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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

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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Best Lemmon, South Dakota Banks for Small Business

South Dakota SBA 7A Banks