Sioux Falls, South Dakota Entrepreneur Gets an SBA Loan

South DakotaSmall business loans are available to South Dakota small business owners through the SBA. In this case, a South Dakota bank provides the loan.

By giving the right information to Minnwest Bank Sioux Falls, this Sioux Falls, South Dakota business was able to get an SBA loan. To get this loan, the loan applicant gave the lending institution and the SBA a clear description of what the loan proceeds would be used for and how they intended to pay the loan back.

SBA Loan Borrower

COMPANY TYPE: PLASTICS MATERIALS AND BASIC FORMS AND SHAPES
SIOUX FALLS, SD 57104

SBA Loan Lender

MINNWEST BANK SIOUX FALLS
5001 S LOUISE AVE
SIOUX FALLS, SD 57108

This debt financing 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.

SIC Code

5162 - Plastics Materials and Basic Forms and Shapes

NAICS Code

422610 - Plastics Materials and Basic Forms and Shapes Wholesalers

Loan Approval Date

10/16/2003

Loan Approval Gross Amount

$291,062

Loan Approval from the SBA

Of the total $291,062 loan amount, the SBA guaranteed $218,297.

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 2 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to add employees or retain any existing employees.

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

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Minnwest Bank Sioux Falls and they will explain how you can get an SBA loan for your company.

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

SBA Approved Banks in Sioux Falls, South Dakota

South Dakota SBA Bank Lenders