Rapid City, South Dakota Business Gets SBA-Guaranteed Funding from Security First Bank

Security First Bank 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.

Getting a small business loan in Rapid City, South Dakota was an essential business goal for this small business back in 2005 and, based on their loan application, they were successful in getting an SBA loan from Security First Bank, operating out of Lincoln, Nebraska. Here are the details on this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: HIGHWAY, STREET, AND BRIDGE CONSTRUCTION
RAPID CITY, SD 57702

SBA Loan Lender

SECURITY FIRST BANK
5710 S 53RD ST
LINCOLN, NE 68516

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

237310 - Highway, Street, and Bridge Construction

Loan Approval Date

5/3/2005

Loan Approval Gross Amount

$17,600

Loan Approval from the SBA

Of the total $17,600 loan amount, the SBA guaranteed $14,960.

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. The loan application did not indicate that the SBA funding recipient promised to use the funding to hire new 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.

While you may be able to find business people willing to loan money, 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:

Business Credit Evaluation

Small Business Banks in Lincoln, Nebraska

Getting an SBA Loan in Nebraska