Loan to Buy Go Fer Foods Franchise Issued By First Dakota National Bank

Borrowing money to purchase a Go Fer Foods franchise? First Dakota National Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Go Fer Foods franchise shouldn't be overly burdensome. In 2004, First Dakota National Bank issued an SBA franchise loan to an entrepreneur in Tyndall, South Dakota. Because Go Fer Foods was registered with the SBA's registry of franchises, this South Dakota small business loan was issued on an expedited basis.

SBA Loan Borrower

VON'S PLACE
TYNDALL, SD 57066

SBA Loan Lender

FIRST DAKOTA NATIONAL BANK
225 CEDAR ST
YANKTON, SD 57078

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722410 - Drinking Places

Loan Approval Date

2/6/2004

Loan Approval Gross Amount

$64,800

Loan Approval from the SBA

Of the total $64,800 loan amount, the SBA guaranteed $55,080.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Go Fer Foods franchise. At the time of the loan, the company had 7 employees. The SBA loan application for the borrower did not indicate that the company planned to use the loan proceeds to increase staffing levels or retain any existing employees.

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

Many small businesses receive loans backed by the U.S. Small Business Administration.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into First Dakota National Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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