Business Loan from First Premier Bank Given to Car Washes 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 Sioux Falls, South Dakota business owner got a $690,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Sioux Falls, South Dakota was able to borrow $690,000 from First Premier Bank. The SBA made the loan possible by guaranteeing $517,500 of this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: CAR WASHES
SIOUX FALLS, SD 57106

SBA Loan Lender

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

This loan was issued under the SBA's Certified Lenders Program (CLP), which means that this bank has a successful SBA lending history and a deep knowledge SBA lending rules and regulations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811192 - Car Washes

Loan Approval Date

11/29/2006

Loan Approval Gross Amount

$690,000

Loan Approval from the SBA

Of the total $690,000 loan amount, the SBA guaranteed $517,500.

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 2 employees. The loan application did not indicate that the small business planned to use the funding to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from First Premier Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Attracting Investors

Small Business Banks in Sioux Falls, South Dakota

Getting an SBA Loan in South Dakota