Commercial Loans for Full-Service Restaurants

Looking for commercial loans for full-service restaurants? Talk to a banker who works with the SBA. This $364,000 full-service restaurants loan was issued by a Minnesota bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Battle Lake, Minnesota was able to borrow $364,000 from 1st National Bank - Battle Lake. The SBA made the loan possible by guaranteeing $273,000 of this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
BATTLE LAKE, MN 56515

SBA Loan Lender

1ST NATIONAL BANK - BATTLE LAKE
101 LAKE AVE SOUTH
BATTLE LAKE, MN 56515

This lender issued this bank loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

4/1/2003

Loan Approval Gross Amount

$364,000

Loan Approval from the SBA

Of the total $364,000 loan amount, the SBA guaranteed $273,000.

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 12 employees. The loan application did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a business in Battle Lake MN, you ought to talk with a local Battle Lake SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Battle Lake businesses.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like 1st National Bank - Battle Lake that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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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