Borrowing Money for Full-Service Restaurants
With these bank loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $600,000 was given to an Ohio entrepreneur in 2007.
This small firm knew how to go about getting a business bank loan. Based in Alliance, Ohio, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was United Midwest Savings Bank, based in De Graff, Ohio.
SBA Loan Borrower
COMPANY TYPE: FULL-SERVICE RESTAURANTS
ALLIANCE, OH 44601
SBA Loan Lender
UNITED MIDWEST SAVINGS BANK
101 S MAIN ST
DE GRAFF, OH 43318
As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722110 - Full-Service Restaurants
Loan Approval Date
6/22/2007
Loan Approval Gross Amount
$600,000
Loan Approval from the SBA
Of the total $600,000 loan amount, the SBA guaranteed $450,000.
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 15 employees. The SBA loan application for the borrower indicated that the loan would help generate 3 new jobs and retain 15 existing jobs.
Next Steps for Getting an SBA Loan
SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.
This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.
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:
Banking Deregulation's Effects on Entrepreneurship
SBA Approved Banks in De Graff, Ohio
Ohio SBA 7A Banks