Business Loan from First National Bank Given to Sewing, Needlework, And Piece Goods Stores Company

An SBA loan from First National Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Pierre, South Dakota business owner got a $60,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Pierre, South Dakota was able to borrow $60,000 from First National Bank. The SBA made the loan possible by guaranteeing $51,000 of this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: SEWING, NEEDLEWORK, AND PIECE GOODS STORES
PIERRE, SD 57501

SBA Loan Lender

FIRST NATIONAL BANK
119 N DEADWOOD AVE
FORT PIERRE, SD 57532

This lender issued this particular SBA loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

451130 - Sewing, Needlework, and Piece Goods Stores

Loan Approval Date

3/19/2003

Loan Approval Gross Amount

$60,000

Loan Approval from the SBA

Of the total $60,000 loan amount, the SBA guaranteed $51,000.

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

Getting an SBA Loan For Your Business

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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