Business Loans for Limited-Service Restaurants
Looking for business loans for limited-service restaurants? An SBA loan may be just what you've been looking for. This $70,000 limited-service restaurants loan was issued by a bank.
This small business knew how to go about getting a business bank loan. Based in Adjuntas, , they applied for and were awarded an SBA-guaranteed loan in 2002. The lending bank was Banco Popular De Puerto Rico, based in San Juan, .
SBA Loan Borrower
COMPANY TYPE: EATING PLACES
ADJUNTAS, PR 00601
SBA Loan Lender
BANCO POPULAR DE PUERTO RICO
209 MUNOZ RIVERA AVE, POPULAR
SAN JUAN, PR 00918
This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with borrowing money. 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. Currently, $100,000 is the maximum loan amount.
SBA Loan Program Type
This loan was issued as a general business loan.
SIC Code
5812 - Eating Places
NAICS Code
722211 - Limited-Service Restaurants
Loan Approval Date
12/13/2002
Loan Approval Gross Amount
$70,000
Loan Approval from the SBA
Of the total $70,000 loan amount, the SBA guaranteed $59,500.
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 12 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the loan proceeds to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
Many small businesses receive loans backed by the U.S. Small Business Administration.
Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Banco Popular De Puerto Rico 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:
Bank Credit Lines