Borrowing Money for Full-Service Restaurants

With these bank loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $155,000 was given to an Illinois entrepreneur in 2003.

This small firm knew how to go about getting a business bank loan. Based in Bloomington, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Busey Bank, based in Champaign, Illinois.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
BLOOMINGTON, IL 61761

SBA Loan Lender

BUSEY BANK
100 W UNIVERSITY AVE
CHAMPAIGN, IL 61820

This lender provides SBA loans as part of the SBA's Preferred Lender Program (PLP). SBA PLP lenders are chosen from among the SBA's best lenders and have full delegation of lending authority in most situations.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

10/28/2003

Loan Approval Gross Amount

$155,000

Loan Approval from the SBA

Of the total $155,000 loan amount, the SBA guaranteed $116,250.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. The SBA loan documents indicated that the loan would help generate 4 new jobs and retain 1 existing job.

Getting an SBA Loan For Your Business

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

We've showcased information on this loan to let you know that businesses like yours can get an SBA loan.

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:

The Friends and Family Network

Best Banks in Champaign, Illinois

Getting an SBA Loan in Illinois