Yankton, South Dakota Bank Gives SBA Loan to Automotive Body, Paint, And Interior Repair And Maintenance Company

Want to talk with a Yankton, South Dakota bank about a business loan? Here's one South Dakota business loan, issued by a Yankton bank, that was approved by the SBA.

Applying for an SBA loan with First Dakota National Bank worked out well for our friends at one local business in Mitchell, South Dakota. They received an SBA loan for $24,300. Nice!

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE BODY, PAINT, AND INTERIOR REPAIR AND MAINTENANCE
MITCHELL, SD 57301

SBA Loan Lender

FIRST DAKOTA NATIONAL BANK
225 CEDAR ST
YANKTON, SD 57078

This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811121 - Automotive Body, Paint, and Interior Repair and Maintenance

Loan Approval Date

5/25/2004

Loan Approval Gross Amount

$24,300

Loan Approval from the SBA

Of the total $24,300 loan amount, the SBA guaranteed $20,655.

More Information on This SBA Loan

The borrower borrowed this money for a new 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 only one employee. The loan application did not indicate that the small business promised to use the funding to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you are wondering how to find money to start a business or need money to grow a business, an SBA loan can be a great way to raise money

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.

Related Links:

Business Cash Advances

Banks in Yankton, South Dakota

South Dakota SBA 7A Banks