Get an SBA Loan for Full-Service Restaurants

Looking for loans for full-service restaurants? Try the SBA. This $125,000 full-service restaurants loan was issued by a New York bank.

This small firm received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with First National Bank Of Scotia, out of Scotia, New York. The loan was granted and they received $125,000 to help grow their Albany, New York business.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
ALBANY, NY 12205

SBA Loan Lender

FIRST NATIONAL BANK OF SCOTIA
201 MOHAWK AVE
SCOTIA, NY 12302

This was a Low Documentation SBA loan. The SBA launched this program to reduce the paperwork associated with borrowing money. The low-doc program is quick, requiring completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Right now, the maximum small business loan for this SBA program is $100,000.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

11/16/2001

Loan Approval Gross Amount

$125,000

Loan Approval from the SBA

Of the total $125,000 loan amount, the SBA guaranteed $106,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 6 employees. The SBA loan documents did not indicate that the business planned to use the funding to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. First National Bank Of Scotia had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, First National Bank Of Scotia 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:

Bank Credit Lines

SBA 7A Banks in Scotia, New York

Getting an SBA Loan in New York