First Premier Bank SBA Loan to Eating Places Company

Want a South Dakota business loan? Here's one South Dakota business loan that was approved by the SBA.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Sioux Falls, South Dakota was able to borrow $110,000 from First Premier Bank. The SBA made the loan possible by guaranteeing $82,500 of this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
SIOUX FALLS, SD 57110

SBA Loan Lender

FIRST PREMIER BANK
601 S MINNESOTA AVE
SIOUX FALLS, SD 57104

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

Loan Approval Date

4/7/2000

Loan Approval Gross Amount

$110,000

Loan Approval from the SBA

Of the total $110,000 loan amount, the SBA guaranteed $82,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 23 employees. The loan application did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a company in Sioux Falls SD, you ought to talk with a local Sioux Falls SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Sioux Falls businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First Premier Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Raising Venture Capital

Who Lends Money to Small Businesses in Sioux Falls, South Dakota

South Dakota SBA Bank Lenders