The First Western Bank Sturgis SBA Loan to Automotive Parts And Accessories Stores Company

The First Western Bank Sturgis and the SBA work together to get business loans for growing small businesses. Here's an example of how a South Dakota entrepreneur was able to get a loan to take a small business to the next level.

This small firm knew how to go about getting a business bank loan. Based in Rapid City, South Dakota, they applied for and received an SBA-guaranteed loan in 2007. The lending bank was The First Western Bank Sturgis, based in Spearfish, South Dakota.

SBA Loan Borrower

COMPANY TYPE: AUTOMOTIVE PARTS AND ACCESSORIES STORES
RAPID CITY, SD 57702

SBA Loan Lender

THE FIRST WESTERN BANK STURGIS
1400 NORTH AVE
SPEARFISH, SD 57783

The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide bank loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441310 - Automotive Parts and Accessories Stores

Loan Approval Date

1/4/2007

Loan Approval Gross Amount

$77,500

Loan Approval from the SBA

Of the total $77,500 loan amount, the SBA guaranteed $65,875.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 11 employees. The SBA loan application for the borrower did not indicate that the company promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a company in Rapid City SD, you ought to talk with a local Rapid City SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Rapid City businesses.

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:

Debt Financing

Small Bank Loans in Spearfish, South Dakota

SBA South Dakota Lenders