Sioux Falls, South Dakota Business Gets SBA-Guaranteed Funding from First Bank & Trust

An SBA loan from First Bank & Trust 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 $87,000 loan.

This business knew how to go about getting a business bank loan. Based in Sioux Falls, South Dakota, they applied for and received an SBA-guaranteed loan in 2001. The lending bank was First Bank & Trust, based in Garretson, South Dakota.

SBA Loan Borrower

COMPANY TYPE: SPECIAL TRADE CONTRACTORS
SIOUX FALLS, SD 57105

SBA Loan Lender

FIRST BANK & TRUST
644 N MAIN AVE
GARRETSON, SD 57030

This lender issued this particular small business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

235990 - Special Trade Contractors

Loan Approval Date

9/28/2001

Loan Approval Gross Amount

$87,000

Loan Approval from the SBA

Of the total $87,000 loan amount, the SBA guaranteed $73,950.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 7 employees. This SBA loan request did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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.

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