1st National Bank In Sioux Falls Provides SBA Loan to Buy Battery Plus Franchise

Borrowing money to buy a Battery Plus franchise? 1st National Bank In Sioux Falls has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Battery Plus franchise requires some effort but others before you have been successful. In 2002, 1st National Bank In Sioux Falls issued an SBA franchise loan to an entrepreneur in Omaha, Nebraska. Because Battery Plus was registered with the SBA's registry of franchises, this Nebraska small business loan was issued on an expedited basis.

SBA Loan Borrower

BATTERIES PLUS OF OMAHA
OMAHA, NE 68134

SBA Loan Lender

1ST NATIONAL BANK IN SIOUX FALLS
2505 W 41ST ST
SIOUX FALLS, SD 57105

When it made this small business loan, this lending institution was part of the SBA's Certified Lenders Program (CLP). This program was created to ensure rapid 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.

SIC Code

5531 - Auto and Home Supply Stores

NAICS Code

452990 - General Merchandise Stores

Loan Approval Date

4/16/2002

Loan Approval Gross Amount

$275,000

Loan Approval from the SBA

Of the total $275,000 loan amount, the SBA guaranteed $206,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Battery Plus franchise. At the time of the loan, the company had 7 employees. The loan application did not indicate that the company promised to use the funding to add employees or retain any existing employees.

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

Many small businesses receive loans backed by the U.S. Small Business Administration.

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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