Borrowing Money for Multifamily Housing Construction

With these bank loans for multifamily housing construction, the SBA guarantees the lender that the loan will be repaid. This multifamily housing construction loan for $50,000 was given to a South Dakota entrepreneur in 2003.

This company received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Great Western Bank, out of Spearfish, South Dakota. The loan was granted and they received $50,000 to help grow their Spearfish, South Dakota business.

SBA Loan Borrower

COMPANY TYPE: GENERAL CONTRACTING FOR RESIDENTIAL BUILDINGS
SPEARFISH, SD 57783

SBA Loan Lender

GREAT WESTERN BANK
526 MAIN ST
SPEARFISH, SD 57783

The issuing bank for this loan is an SBA 7A lender. The name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide bank loans to to our country's hard-working small business owners.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1522 - General Contracting for Residential Buildings

NAICS Code

233220 - Multifamily Housing Construction

Loan Approval Date

12/12/2003

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $42,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 4 employees. The SBA loan documents did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Great Western Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Business Cash Advances

SBA 7A Lenders in Spearfish, South Dakota

SBA South Dakota Banks