First Premier Bank SBA Loan to Gasoline Stations Company

An SBA loan from First Premier 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 $42,500 loan.

This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with First Premier Bank, out of Sioux Falls, South Dakota. The loan was granted and they received $42,500 to help grow their Sioux Falls, South Dakota business.

SBA Loan Borrower

COMPANY TYPE: GASOLINE STATIONS
SIOUX FALLS, SD 57104

SBA Loan Lender

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

This was a Low Documentation SBA loan. The SBA launched this program to limit the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

447190 - Gasoline Stations

Loan Approval Date

1/13/2003

Loan Approval Gross Amount

$42,500

Loan Approval from the SBA

Of the total $42,500 loan amount, the SBA guaranteed $36,125.

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 3 employees. This SBA loan request did not indicate that the company planned to use the money to hire new employees or retain any existing employees.

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. First Premier Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First Premier Bank 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.

Related Links:

Borrowing Money from Friends and Family

SBA Approved Banks in Sioux Falls, South Dakota

SBA Lenders in South Dakota