SBA Loan from Great Western Bank Helps Drinking Places Company

An SBA loan from Great Western 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 $494,000 loan.

This growing company received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with Great Western Bank, out of Sioux Falls, South Dakota. The loan was granted and they received $494,000 to help grow their Sioux Falls, South Dakota business.

SBA Loan Borrower

COMPANY TYPE: DRINKING PLACES
SIOUX FALLS, SD 57104

SBA Loan Lender

GREAT WESTERN BANK
200 E 10TH ST
SIOUX FALLS, SD 57104

This loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722410 - Drinking Places

Loan Approval Date

1/8/2007

Loan Approval Gross Amount

$494,000

Loan Approval from the SBA

Of the total $494,000 loan amount, the SBA guaranteed $370,500.

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 SBA loan documents did not indicate that the SBA funding recipient promised to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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 - How to Borrow Money

SBA Approved Banks in Sioux Falls, South Dakota

South Dakota SBA 7A Lenders