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November 15, 2024 |
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| Home > Small Business Lenders by State > South Dakota Business Loan Sources > Truckee, Business Loans > Bank Of The West Truckee Business Loans > Full-Service Restaurants Loan | ||||
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South Dakota Small Business Funding
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Full-Service Restaurants Business LoansLooking for business loans for full-service restaurants? Talk to a banker who works with the SBA. This $270,000 full-service restaurants loan was issued by a California bank. The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Vermillion, South Dakota was able to borrow $270,000 from Bank Of The West. The SBA made the loan possible by guaranteeing $202,500 of this South Dakota small business loan. SBA Loan Borrower COMPANY TYPE: FULL-SERVICE RESTAURANTS SBA Loan Lender BANK OF THE WEST Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 722110 - Full-Service Restaurants Loan Approval Date 9/5/2006 Loan Approval Gross Amount $270,000 Loan Approval from the SBA Of the total $270,000 loan amount, the SBA guaranteed $202,500. More Information on This SBA Loan The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 22 employees. The SBA loan documents indicated that the loan would help generate 2 new jobs and retain 24 existing jobs. Great, But How Can I Get an SBA Loan for My Business? For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! 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: Microlending as a Small Business Funding Source Best Truckee, California Banks for Small Business Browse All Business Loan Sources for California
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