Growing Company Gets a South Dakota Bank Loan

Searching for a South Dakota bank loan? This South Dakota entrepreneur got a bank loan, provided by a South Dakota bank that works with the SBA to help small business owners.

Getting a small business loan in Rapid City, South Dakota was a top priority for this loan applicant back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Black Hills Fcu. Here are the details on this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: SNACK AND NONALCOHOLIC BEVERAGE BARS
RAPID CITY, SD 57702

SBA Loan Lender

BLACK HILLS FCU
2700 N PLAZA DR
RAPID CITY, SD 57702

This commercial loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722213 - Snack and Nonalcoholic Beverage Bars

Loan Approval Date

3/22/2007

Loan Approval Gross Amount

$22,900

Loan Approval from the SBA

Of the total $22,900 loan amount, the SBA guaranteed $19,465.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. This SBA loan request indicated that the loan would help generate 1 new job and retain 1 existing job.

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.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Black Hills Fcu and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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:

Alternative Financing

SBA Approved Banks in Rapid City, South Dakota

South Dakota SBA Bank Lenders