South Dakota Small Business Loan Issued to Gift, Novelty, And Souvenir Stores Company

Business loans in South Dakota are are few and far betweeen these days. We take a look at one South Dakota business loan, provided by a South Dakota bank, that was approved by the SBA.

This small business, based in Rapid City, South Dakota, offers a good example of how small businesses get financed. Taking advantage of the SBA's guaranteed loan program, they were able to get a loan from Great Western Bank. We've got the inside scoop on this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: GIFT, NOVELTY, AND SOUVENIR STORES
RAPID CITY, SD 57702

SBA Loan Lender

GREAT WESTERN BANK
14 ST. JOSEPH ST
RAPID CITY, SD 57709

This was a Low Documentation SBA loan. The SBA started this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

453220 - Gift, Novelty, and Souvenir Stores

Loan Approval Date

10/22/2002

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a 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 money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you need business start up money 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.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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:

Understanding Dilution

Small Bank Loans in Rapid City, South Dakota

SBA Participating Banks in South Dakota