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November 15, 2024 |
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| Home > Small Business Lenders by State > South Dakota Business Loan Sources > Mitchell, Business Loans > Cortrust Bank Mitchell Business Loans > Support Services Loan | ||||
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Mitchell SBA Lenders
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Entrepreneur Works With Mitchell, South Dakota Bank to Get an SBA LoanWant to talk with a Mitchell, South Dakota bank about an SBA loan? Here's one South Dakota business loan, issued by a Mitchell bank, that was approved by the SBA. Applying for an SBA loan with Cortrust Bank worked out well for our friends at one local company in Yankton, South Dakota. They got an SBA loan for $50,000. Nice! SBA Loan Borrower COMPANY TYPE: SUPPORT SERVICES SBA Loan Lender CORTRUST BANK This loan for a small business was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 561990 - Support Services Loan Approval Date 7/23/2007 Loan Approval Gross Amount $50,000 Loan Approval from the SBA Of the total $50,000 loan amount, the SBA guaranteed $42,500. More Information on This SBA Loan The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had only one employee. The SBA loan application for the borrower indicated that the funding would help generate 1 new job. Start the Process for Getting an SBA Loan Today! The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need. 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 Cortrust 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. Related Links: Best Mitchell, South Dakota Banks for Small Business
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