Sisseton, South Dakota Business Gets SBA-Guaranteed Funding from Dacotah Bank

An SBA loan from Dacotah Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Sisseton, South Dakota business owner got a $210,000 loan.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Sisseton, South Dakota was able to borrow $210,000 from Dacotah Bank. The SBA made the loan possible by guaranteeing $157,500 of this South Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: GROCERY STORES
SISSETON, SD 57262

SBA Loan Lender

DACOTAH BANK
321 VETERANS AVE EAST
SISSETON, SD 57262

This loan for a small business 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

5411 - Grocery Stores

Loan Approval Date

9/15/2000

Loan Approval Gross Amount

$210,000

Loan Approval from the SBA

Of the total $210,000 loan amount, the SBA guaranteed $157,500.

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

Getting an SBA Loan For Your Business

Don't apply for a loan directly with the SBA. You need to 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.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Dacotah Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Dacotah 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:

Bank Credit Lines

SBA Approved Banks in Sisseton, South Dakota

South Dakota SBA 7A Banks