How to Get a Loan for Full-Service Restaurants
Looking for business loans for full-service restaurants? The SBA may be the answer. This $300,000 full-service restaurants loan was issued by a Texas bank.
This business received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with American Bank Of Commerce, out of Wolfforth, Texas. The loan was granted and they received $300,000 to help grow their Austin, Texas business.
SBA Loan Borrower
COMPANY TYPE: FULL-SERVICE RESTAURANTS
AUSTIN, TX 78731
SBA Loan Lender
AMERICAN BANK OF COMMERCE
W 82ND ST AND US HWY 62/82
WOLFFORTH, TX 79382
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
3/21/2007
Loan Approval Gross Amount
$300,000
Loan Approval from the SBA
Of the total $300,000 loan amount, the SBA guaranteed $225,000.
More Information on This SBA Loan
The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had only one employee. The SBA loan documents indicated that the loan would help generate 9 new jobs and retain 10 existing jobs.
Getting an SBA Loan For Your Business
If you need money to start a business or already have a business and need money to expand, an SBA loan can be a great source of funding.
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 American Bank Of Commerce 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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