Sioux Falls, South Dakota Business Gets SBA-Guaranteed Funding from Home Federal Bank

Home Federal 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 Sioux Falls, South Dakota was an essential business goal for this small business back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Home Federal Bank, operating out of Sioux Falls, South Dakota. Here are the details on this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: APPAREL AND ACCESSORY STORES
SIOUX FALLS, SD 57104

SBA Loan Lender

HOME FEDERAL BANK
225 S MAIN AVE
SIOUX FALLS, SD 57104

This business loan was granted by an SBA Certified Lenders Program (CLP) lender. CLP lenders perform a comprehensive analysis of the loan application and, in return, SBA delivers a quick answer on whether the loan qualifies.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5699 - Apparel and Accessory Stores

NAICS Code

448190 - Clothing Stores

Loan Approval Date

6/20/2002

Loan Approval Gross Amount

$76,250

Loan Approval from the SBA

Of the total $76,250 loan amount, the SBA guaranteed $64,813.

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 SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the money to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

Don't forget. To get an SBA loan, you must apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like Home Federal Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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.

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