Getting an SBA Loan for Limited-Service Restaurants
With these commercial loans for limited-service restaurants, the SBA guarantees the lender that the loan will be repaid. This limited-service restaurants loan for $150,000 was given to a Michigan entrepreneur in 2004.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Augusta, Michigan was able to borrow $150,000 from Portage Commerce Bank. The SBA made the loan possible by guaranteeing $127,500 of this Michigan small business loan.
SBA Loan Borrower
COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
AUGUSTA, MI 49012
SBA Loan Lender
PORTAGE COMMERCE BANK
800 E MILHAM
PORTAGE, MI 49002
This was a Low Documentation SBA loan. The SBA started this program to minimize the paperwork associated with appliying for an SBA loan . 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. Currently, $100,000 is the maximum loan amount.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722211 - Limited-Service Restaurants
Loan Approval Date
8/13/2004
Loan Approval Gross Amount
$150,000
Loan Approval from the SBA
Of the total $150,000 loan amount, the SBA guaranteed $127,500.
More Information on This SBA Loan
The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 8 employees. The SBA loan documents did not indicate that the small business promised to use the money to hire new employees or retain any existing employees.
Start the Process for Getting an SBA Loan Today!
SBA loans provide smart, affordable business financing for small businesses looking to expand.
This SBA loan was for $150,000. How would you spend $150,000 on your business? If you apply for an SBA loan, you, like the entrepreneurs at this company, may soon be on your way to achieving your business goals. Contact a participating SBA lender to get started.
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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