Commercial Loans for Full-Service Restaurants
Looking for commercial loans for full-service restaurants? Talk to a banker who works with the SBA. This $144,000 full-service restaurants loan was issued by a Minnesota bank.
This business received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Wells Fargo Bank, out of Minneapolis, Minnesota. The loan was granted and they received $144,000 to help grow their Bettendorf, Iowa business.
SBA Loan Borrower
COMPANY TYPE: FULL-SERVICE RESTAURANTS
BETTENDORF, IA 52722
SBA Loan Lender
WELLS FARGO BANK
1455 W LAKE ST
MINNEAPOLIS, MN 55408
This lender issued this particular business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722110 - Full-Service Restaurants
Loan Approval Date
10/10/2002
Loan Approval Gross Amount
$144,000
Loan Approval from the SBA
Of the total $144,000 loan amount, the SBA guaranteed $122,400.
More Information on This SBA Loan
The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company
had 40 employees. This SBA loan request did not indicate that the business planned to use the funding to hire new employees or retain any existing employees.
Start the Process for Getting an SBA Loan Today!
For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.
There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.
Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!
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:
Business Line of Credit
Small Business Banks in Minneapolis, Minnesota
Minnesota SBA Banks