How to Get a Loan for Personal Services
With these SBA loans for personal services, the SBA guarantees the lender that the loan will be repaid. This personal services loan for $5,000 was given to a South Dakota entrepreneur in 2003.
This small business knew how to go about getting a business bank loan. Based in Sioux Falls, South Dakota, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Innovative Bank, based in Oakland, California.
SBA Loan Borrower
COMPANY TYPE: PERSONAL SERVICES
SIOUX FALLS, SD 57106
SBA Loan Lender
INNOVATIVE BANK
360 14TH ST
OAKLAND, CA 94612
This lender issued this commercial loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program began 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
812990 - Personal Services
Loan Approval Date
9/24/2003
Loan Approval Gross Amount
$5,000
Loan Approval from the SBA
Of the total $5,000 loan amount, the SBA guaranteed $4,250.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company
had only one employee. This SBA loan request indicated that the loan would help retain 1 existing job.
Next Steps for Getting an SBA Loan
The Small Business Administration (SBA) is a federal government agency that has many different programs to help small business owners. The SBA Microloan Program, for example, provides very small loans to start-up, newly established, or growing small business concerns. The SBA also has special programs for women and minorities. However, the most popular SBA program is their loan guarantee program for small businesses.
We've showcased information on this loan to let you know that businesses like yours 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:
Microlending as a Small Business Funding Source
Best Oakland, California Banks for Small Business
California SBA Bank Lenders