SBA Loan from First Premier Bank Helps Hand And Edge Tool Manufacturing Company

An SBA loan from First Premier Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Renner, South Dakota business owner got a $106,000 loan.

This business received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with First Premier Bank, out of Sioux Falls, South Dakota. The loan was granted and they received $106,000 to help grow their Renner, South Dakota business.

SBA Loan Borrower

COMPANY TYPE: HAND AND EDGE TOOL MANUFACTURING
RENNER, SD 57055

SBA Loan Lender

FIRST PREMIER BANK
601 S MINNESOTA AVE
SIOUX FALLS, SD 57104

This was a Low Documentation SBA loan. The SBA created this program to reduce the paperwork associated with borrowing money. The low-doc program involves 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

332212 - Hand and Edge Tool Manufacturing

Loan Approval Date

9/11/2002

Loan Approval Gross Amount

$106,000

Loan Approval from the SBA

Of the total $106,000 loan amount, the SBA guaranteed $90,100.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

Every year, the SBA guarantees over $10 billion for loans just like this one.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like First Premier Bank and they will explain how you can get an SBA loan for your company.

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:

Accountant's Role in Securing Financing

SBA 7A Lenders in Sioux Falls, South Dakota

SBA South Dakota Lenders