Get an SBA Loan for Full-Service Restaurants

Looking for small business loans for full-service restaurants? Try the SBA. This $1,237,500 full-service restaurants loan was issued by a New Jersey bank.

This company knew how to go about getting a business bank loan. Based in Ashtabula, Ohio, they applied for and were awarded an SBA-guaranteed loan in 2000. The lending bank was Cit Small Business Lending Corp, based in Livingston, New Jersey.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
ASHTABULA, OH 44004

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

12/1/2000

Loan Approval Gross Amount

$1,237,500

Loan Approval from the SBA

Of the total $1,237,500 loan amount, the SBA guaranteed $749,999.

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 78 employees. The SBA loan application for the borrower indicated that the loan would help retain 78 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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