Miller, South Dakota Entrepreneur Gets a Business Loan

Looking to get a South Dakota SBA loan? This South Dakota entrepreneur got an SBA loan, provided by a North Dakota bank that works with the SBA to help small business owners.

This company, based in Miller, South Dakota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Dacotah Bank. We've got the inside scoop on this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
MILLER, SD 57362

SBA Loan Lender

DACOTAH BANK
121 N MAIN ST
HETTINGER, ND 58639

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with borrowing money. 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. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

8/3/2001

Loan Approval Gross Amount

$87,800

Loan Approval from the SBA

Of the total $87,800 loan amount, the SBA guaranteed $74,630.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 6 employees. The loan application did not indicate that the company promised to use the loan proceeds to increase staffing levels or retain any existing employees.

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

If you have been wondering how do i get money to start a business in Miller SD, you ought to talk with a local Miller SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Miller businesses.

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 $87,800 loan. Remember, if it to be, it is up to me!

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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