Borrowing Money for Full-Service Restaurants

With these small business loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $377,000 was given to a California entrepreneur in 2005.

This small firm knew how to go about getting a business bank loan. Based in Buena Park, California, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Commercewest Bank, based in Newport Beach, California.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
BUENA PARK, CA 90621

SBA Loan Lender

COMMERCEWEST BANK
4685 MACARTHUR CT, STE 100
NEWPORT BEACH, CA 92660

This lender issued this debt financing under the SBA's 7(a) guaranteed loan program, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 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.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

9/20/2005

Loan Approval Gross Amount

$377,000

Loan Approval from the SBA

Of the total $377,000 loan amount, the SBA guaranteed $282,750.

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 7 employees. The loan application did not indicate that the SBA funding recipient promised to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

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:

Alternative Financing

Find an SBA Lender in Newport Beach, California

California SBA 7A Lenders