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November 21, 2024 |
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| Home > Small Business Lenders by State > South Dakota Business Loan Sources > Sioux Falls, Business Loans > First Bank & Trust Sioux Falls Business Loans > Construction And Mining Machinery Loan | ||||
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SBA Lender Sioux Falls
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SBA Loan from First Bank & Trust Helps Construction And Mining Machinery CompanyAn SBA loan from First Bank & Trust 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 $400,000 loan. This small firm knew how to go about getting a business bank loan. Based in Sioux Falls, South Dakota, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was First Bank & Trust, based in Sioux Falls, South Dakota. SBA Loan Borrower COMPANY TYPE: CONSTRUCTION AND MINING MACHINERY SBA Loan Lender FIRST BANK & TRUST The issuing bank for this loan is an SBA 7A lender. This program helps the United States banking system to provide SBA loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 5082 - Construction and Mining Machinery NAICS Code 423820 - Farm and Garden Machinery and Equipment Merchant Wholesalers Loan Approval Date 1/16/2004 Loan Approval Gross Amount $400,000 Loan Approval from the SBA Of the total $400,000 loan amount, the SBA guaranteed $300,000. 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 27 employees. This SBA loan request did not indicate that the small business planned to use the money to hire new 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. 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 First Bank & Trust 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: Banks in Sioux Falls, South Dakota
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