South Dakota Entrepreneur Secures Financing to Buy Radio Shack Franchise

Need a loan to invest in a Radio Shack franchise? First Dakota National Bank has a history of making these loans and they are guaranteed by the SBA.

If you live near Wagner, South Dakota and are interested in buying a Radio Shack franchise, you'll be interested to read the details on this SBA franchise loan, issued in 2000 by First Dakota National Bank. Obtaining a franchise loan from a commercial lending institution can be a great way to finance a franchise purchase.

SBA Loan Borrower

RADIO SHACK
WAGNER, SD 57380

SBA Loan Lender

FIRST DAKOTA NATIONAL BANK
10 HIGH AVE SW
WAGNER, SD 57380

This lender issued this particular small business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5731 - Radio, TV, and Consumer Electronics Retailing

Loan Approval Date

2/8/2000

Loan Approval Gross Amount

$76,000

Loan Approval from the SBA

Of the total $76,000 loan amount, the SBA guaranteed $60,800.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Radio Shack franchise. At the time of the loan, the company had 3 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like First Dakota National 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:

RadioShack

Accountant's Role in Securing Financing

Good Banks for Small Business in Wagner, South Dakota

Getting an SBA Loan in South Dakota