Local Business Gets a South Dakota Business Loan

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

You can learn something about getting a small business loan in Sioux Falls, South Dakota by studying this loan to a local business, made back in 2006. Banks like Minnwest Bank Sioux Falls may also be willing to lend to you, given that they granted this small business loan.

SBA Loan Borrower

COMPANY TYPE: USED MERCHANDISE STORES
SIOUX FALLS, SD 57105

SBA Loan Lender

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

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide business loans to to entrepreneurs who might have trouble getting a conventional bank loan.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

453310 - Used Merchandise Stores

Loan Approval Date

2/24/2006

Loan Approval Gross Amount

$85,000

Loan Approval from the SBA

Of the total $85,000 loan amount, the SBA guaranteed $72,250.

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 2 employees. This SBA loan request did not indicate that the company planned to use the money to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you need money to start a small business or need money to grow a business, an SBA loan can be a great funding source

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $85,000 loan. Remember, anyone can do it... so why not you?

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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Local Business Gets a South Dakota Business Loan