First Savings Bank SBA Loan to Full-Service Restaurants Company

First Savings Bank has a track record as a leading provider of SBA loans. Find out how this South Dakota entrepreneur received an SBA loan from them.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Milbank, South Dakota was able to borrow $144,000 from First Savings Bank. The SBA made the loan possible by guaranteeing $122,400 of this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
MILBANK, SD 57058

SBA Loan Lender

FIRST SAVINGS BANK
201 N 3RD ST
BERESFORD, SD 57004

This lender issued this particular SBA business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

3/8/2004

Loan Approval Gross Amount

$144,000

Loan Approval from the SBA

Of the total $144,000 loan amount, the SBA guaranteed $122,400.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. The SBA loan documents did not indicate that the small business planned to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you need money to start a small business or already have a business and need money to expand, an SBA loan can be a great source of funding.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First Savings Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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