Sioux Falls, South Dakota Business Gets SBA-Guaranteed Funding from 1st National Bank In Sioux Falls

1st National Bank In Sioux Falls 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.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Sioux Falls, South Dakota was able to borrow $86,700 from 1st National Bank In Sioux Falls. The SBA made the loan possible by guaranteeing $73,695 of this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: CHIROPRACTORS
SIOUX FALLS, SD 57108

SBA Loan Lender

1ST NATIONAL BANK IN SIOUX FALLS
100 S PHILLIPS AVE
SIOUX FALLS, SD 57104

This lender issued this debt financing under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

621310 - Chiropractors

Loan Approval Date

11/7/2007

Loan Approval Gross Amount

$86,700

Loan Approval from the SBA

Of the total $86,700 loan amount, the SBA guaranteed $73,695.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. This SBA loan request indicated that the loan would help create 1 new job.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. 1st National Bank In Sioux Falls had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, 1st National Bank In Sioux Falls made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

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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