Borrowing Money for Full-Service Restaurants

With these loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $120,000 was given to a Maine entrepreneur in 2001.

Getting a small business loan in Bethel, Maine was important for this company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Northeast Bank, operating out of Bethel, Maine. Here are the details on this Maine small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
BETHEL, ME 04217

SBA Loan Lender

NORTHEAST BANK
11 MAIN ST
BETHEL, ME 04217

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

10/17/2001

Loan Approval Gross Amount

$120,000

Loan Approval from the SBA

Of the total $120,000 loan amount, the SBA guaranteed $102,000.

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 10 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the funding to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Folks who know a lot about raising money for companies know that SBA guaranteed loans are a great funding source for small businesses. Talk to a bank like Northeast Bank and they will explain how you can get an SBA loan for your company.

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:

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Good Banks for Small Business in Bethel, Maine

Where to Get an SBA Loan Maine