Lemmon, South Dakota Business Gets SBA-Guaranteed Funding from Bank Of The West

Bank Of The West and the SBA work together to get business loans for growing small businesses. Here's an example of how a South Dakota entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Lemmon, South Dakota was an essential business goal for this company back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Bank Of The West, operating out of Lemmon, South Dakota. Here are the details on this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: WOOD PARTITIONS AND FIXTURES
LEMMON, SD 57638

SBA Loan Lender

BANK OF THE WEST
214 MAIN ST
LEMMON, SD 57638

At the time this loan was granted, the lender was part of the SBA's Certified Lenders Program (CLP). This program was created to ensure expeditious service on loan applications received from lenders who have a successful SBA lending track record and a thorough understanding of SBA policies and procedures. CLP lenders perform a complete analysis of the application and, in return, SBA promises a fast loan decision.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

2541 - Wood Partitions and Fixtures

NAICS Code

337212 - Custom Architectural Woodwork and Millwork Manufacturing

Loan Approval Date

4/16/2003

Loan Approval Gross Amount

$63,600

Loan Approval from the SBA

Of the total $63,600 loan amount, the SBA guaranteed $54,060.

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 11 employees. The SBA loan documents did not indicate that the company promised to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

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.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $63,600 loan. Remember, anyone can do it... so why not you?

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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