Borrowing Money for Limited-Service Restaurants

Looking for loans for limited-service restaurants? Try the SBA. This $500,000 limited-service restaurants loan was issued by a Rhode Island bank.

This small firm knew how to go about getting a business bank loan. Based in Boston, Massachusetts, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Rbs Citizens, based in Cranston, Rhode Island.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
BOSTON, MA 02118

SBA Loan Lender

RBS CITIZENS
85 SOCKANOSSET CROSS RD
CRANSTON, RI 02920

This lender issued this business loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program began 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.

SIC Code

5812 - Eating Places

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

7/3/2003

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $375,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 50 employees. This SBA loan request did not indicate that the business planned to use the funding to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

For small businesses in need of money, an SBA guaranteed loan is often the best way to obtain financing.

If you need emergency money for small business, the SBA has special programs for you. We've put a spotlight on this loan from Rbs Citizens so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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:

Microlending as a Small Business Funding Source

SBA Participating Banks in Cranston, Rhode Island

Getting an SBA Loan in Rhode Island