Loans for Conveyor and Conveying Equipment Manufacturing

With these loans for conveyor and conveying equipment manufacturing, the SBA guarantees the lender that the loan will be repaid. This conveyor and conveying equipment manufacturing loan for $720,000 was given to a South Dakota entrepreneur in 2002.

Getting a small business loan in Sioux Falls, South Dakota was important for this company back in 2002 and, based on their loan application, they were successful in getting an SBA loan from Cortrust Bank, operating out of Sioux Falls, South Dakota. Here are the details on this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: CONVEYOR AND CONVEYING EQUIPMENT MANUFACTURING
SIOUX FALLS, SD 57107

SBA Loan Lender

CORTRUST BANK
2101 S MINNESOTA
SIOUX FALLS, SD 57103

This lender issued this commercial loan under the SBA's 7(a) guaranteed loan 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

333922 - Conveyor and Conveying Equipment Manufacturing

Loan Approval Date

9/17/2002

Loan Approval Gross Amount

$720,000

Loan Approval from the SBA

Of the total $720,000 loan amount, the SBA guaranteed $648,000.

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 44 employees. The SBA loan application for the borrower did not indicate that the company promised to use the money to increase staffing levels or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

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

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $720,000 loan. Remember, if it to be, it is up to me!

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:

Equity Financing

Small Business Banks in Sioux Falls, South Dakota

South Dakota SBA 7A Lenders