Raising Money for Limited-Service Restaurants

Looking for business loans for limited-service restaurants? The SBA may be the answer. This $175,000 limited-service restaurants loan was issued by a New Mexico bank.

Getting a small business loan in Alamogordo, New Mexico was important for this small business back in 2007 and, based on their loan application, they were successful in getting an SBA loan from Western Bank, operating out of Alamogordo, New Mexico. Here are the details on this New Mexico small business loan.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
ALAMOGORDO, NM 88310

SBA Loan Lender

WESTERN BANK
500 9TH & MARYLAND
ALAMOGORDO, NM 88310

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This bank loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

11/2/2007

Loan Approval Gross Amount

$175,000

Loan Approval from the SBA

Of the total $175,000 loan amount, the SBA guaranteed $131,250.

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 13 employees. The loan application indicated that the loan would help retain 13 existing jobs.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

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 Western 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.

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