Vermillion, South Dakota Bank Lends Money to Full-Service Restaurants Company in Vermillon, South Dakota

Want to talk with a Vermillion, South Dakota bank about a small business loan? Here's one South Dakota business loan, issued by a Vermillion bank, that was approved by the SBA.

Applying for an SBA loan with Bank Of The West worked out well for our friends at one local business in Vermillon, South Dakota. The business was able to get an SBA loan for $120,000. Sweet!

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
VERMILLON, SD 57069

SBA Loan Lender

BANK OF THE WEST
15 E MAIN ST
VERMILLION, SD 57069

This was a Low Documentation SBA loan. The SBA created this program to limit the paperwork associated with appliying for an SBA loan . The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

6/7/2001

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $102,000.

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 15 employees. The SBA loan application for the borrower did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

If you want money for new small business in Vermillon SD, you ought to talk with a local Vermillon SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Vermillon businesses.

We can help you find the best banks for small businesses in Vermillon or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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:

Advice on Getting a Small Business Loan

SBA Approved Banks in Vermillion, South Dakota

Where to Get an SBA Loan South Dakota