Borrowing Money for Limited-Service Restaurants

With these loans for limited-service restaurants, the SBA guarantees the lender that the loan will be repaid. This limited-service restaurants loan for $52,400 was given to a South Dakota entrepreneur in 2004.

Getting a small business loan in Piedmont, South Dakota was important for this company back in 2004 and, based on their loan application, they were successful in getting an SBA loan from The First Western Bank Sturgis, operating out of Sturgis, South Dakota. Here are the details on this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
PIEDMONT, SD 57769

SBA Loan Lender

THE FIRST WESTERN BANK STURGIS
1200 MAIN ST
STURGIS, SD 57785

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

12/13/2004

Loan Approval Gross Amount

$52,400

Loan Approval from the SBA

Of the total $52,400 loan amount, the SBA guaranteed $44,540.

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 only one employee. This SBA loan request did not indicate that the company promised to use the funding to increase staffing levels or retain any existing employees.

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

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

We can help you find the best banks for small businesses in Piedmont or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

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