Drinking Places Commercial Loans

With these commercial loans for drinking places, the SBA guarantees the lender that the loan will be repaid. This drinking places loan for $240,000 was given to a South Dakota entrepreneur in 2007.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Mitchell, South Dakota was able to borrow $240,000 from First National Bank So. Dakota. The SBA made the loan possible by guaranteeing $180,000 of this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: DRINKING PLACES
MITCHELL, SD 57301

SBA Loan Lender

FIRST NATIONAL BANK SO. DAKOTA
210 N LAWLER
MITCHELL, SD 57301

When this loan was made, this bank was part of the SBA's Certified Lenders Program (CLP). This program aims to provide speedy 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.

NAICS Code

722410 - Drinking Places

Loan Approval Date

1/24/2007

Loan Approval Gross Amount

$240,000

Loan Approval from the SBA

Of the total $240,000 loan amount, the SBA guaranteed $180,000.

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 12 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like First National Bank So. Dakota and they will explain how you can get an SBA loan for your company.

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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Banks in Mitchell, South Dakota

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