Bank Loans for Full-Service Restaurants

Looking for bank loans for full-service restaurants? The SBA may be the answer. This $137,600 full-service restaurants loan was issued by an Illinois bank.

This company knew how to go about getting a business bank loan. Based in Bourbonnais, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2003. The lending bank was Harris National Association, based in Lockport, Illinois.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
BOURBONNAIS, IL 60914

SBA Loan Lender

HARRIS NATIONAL ASSOCIATION
826 E 9TH ST
LOCKPORT, IL 60441

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

9/19/2003

Loan Approval Gross Amount

$137,600

Loan Approval from the SBA

Of the total $137,600 loan amount, the SBA guaranteed $116,960.

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 3 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees.

Getting an SBA Loan For Your Business

If you are raising money in Bourbonnais IL, you ought to talk with a local Bourbonnais SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Bourbonnais businesses.

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.

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