Heavy and Civil Engineering Construction SBA Loans

With these SBA loans for heavy and civil engineering construction, the SBA guarantees the lender that the loan will be repaid. This heavy and civil engineering construction loan for $360,000 was given to a South Dakota entrepreneur in 2006.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Martin, South Dakota was able to borrow $360,000 from 1st National Bank - Gordon. The SBA made the loan possible by guaranteeing $270,000 of this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: HEAVY AND CIVIL ENGINEERING CONSTRUCTION
MARTIN, SD 57551

SBA Loan Lender

1ST NATIONAL BANK - GORDON
134 N MAIN ST
GORDON, NE 69343

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide small business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

237990 - Heavy and Civil Engineering Construction

Loan Approval Date

4/19/2006

Loan Approval Gross Amount

$360,000

Loan Approval from the SBA

Of the total $360,000 loan amount, the SBA guaranteed $270,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 10 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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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