Minnwest Bank Sioux Falls Gives Business Loan to Child Day Care Services Company

South DakotaBank loans are available to South Dakota firms through the SBA. In this case, a South Dakota bank provides the loan.

You can learn something about getting a small business loan in Sioux Falls, South Dakota by studying this loan to a local company, made back in 2003. Banks like Minnwest Bank Sioux Falls may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: CHILD DAY CARE SERVICES
SIOUX FALLS, SD 57104

SBA Loan Lender

MINNWEST BANK SIOUX FALLS
5001 S LOUISE AVE
SIOUX FALLS, SD 57108

This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

624410 - Child Day Care Services

Loan Approval Date

8/6/2003

Loan Approval Gross Amount

$53,400

Loan Approval from the SBA

Of the total $53,400 loan amount, the SBA guaranteed $45,390.

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 4 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My 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 Minnwest Bank Sioux Falls 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:

Obtaining Funding - Getting Venture Capital

Best Banks for Small Business in Sioux Falls, South Dakota

SBA Participating Banks in South Dakota