Where to Get Capital for Limited-Service Restaurants

Looking for small business loans for limited-service restaurants? An SBA loan may be just what you've been looking for. This $110,000 limited-service restaurants loan was issued by a Massachusetts bank.

Getting a small business loan in Bridgewater (census Name For B, Massachusetts was important for this company back in 2004 and, based on their loan application, they were successful in getting an SBA loan from Mayflower Co-Operative Bank, operating out of Middleborough, Massachusetts. Here are the details on this Massachusetts small business loan.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
BRIDGEWATER (CENSUS NAME FOR B, MA 02324

SBA Loan Lender

MAYFLOWER CO-OPERATIVE BANK
30 S MAIN ST
MIDDLEBOROUGH, MA 02346

This lender processed this SBA bank loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

SBA Loan Program Type

This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

6/8/2004

Loan Approval Gross Amount

$110,000

Loan Approval from the SBA

Of the total $110,000 loan amount, the SBA guaranteed $55,000.

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 9 employees. The loan application indicated that the loan would help generate 1 new job and retain 8 existing jobs.

Great, But How Can I Get an SBA Loan for My Business?

Don't apply for a loan directly with the SBA. You need to apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Mayflower Co-Operative Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Obtaining Funding - Getting Venture Capital

Find an SBA Lender in Middleborough, Massachusetts

Massachusetts SBA 7A Lenders