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December 22, 2024 |
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| Home > Small Business Lenders by State > South Dakota Business Loan Sources > Sioux Center, Business Loans > Peoples Bank Sioux Center Business Loans > Dairy Farms Loan | ||||
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South Dakota Business Loan from Peoples Bank
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Viborg, South Dakota Business Gets SBA-Guaranteed Funding from Peoples BankPeoples Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one South Dakota entrepreneur who tapped into the power of SBA loans. This business knew how to go about getting a business bank loan. Based in Viborg, South Dakota, they applied for and received an SBA-guaranteed loan in 2005. The lending bank was Peoples Bank, based in Sioux Center, Iowa. SBA Loan Borrower COMPANY TYPE: DAIRY FARMS SBA Loan Lender PEOPLES BANK 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 business loans to to entrepreneurs who might have trouble getting a conventional bank loan. SBA Loan Program Type This loan was issued as a general business loan. SIC Code 0241 - Dairy Farms NAICS Code 112120 - Dairy Cattle and Milk Production Loan Approval Date 4/19/2005 Loan Approval Gross Amount $345,000 Loan Approval from the SBA Of the total $345,000 loan amount, the SBA guaranteed $258,750. 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 3 employees. The loan application did not indicate that the small business planned to use the funding to add employees or retain any existing employees. Getting an SBA Loan For Your Business If you need money to start a business or already have a business and need money to expand, an SBA loan can be a great way to raise money The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Peoples Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Peoples 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: Obtaining Funding From a Venture Capitalist Best Banks for Small Business in Sioux Center, Iowa
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