How to Get a Loan for Full-Service Restaurants

With these business loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $500,000 was given to an Iowa entrepreneur in 2002.

This business received financial assistance through the SBA's lending programs back in 2002. They applied for an SBA loan with Farmers & Merchants Savings Bk, out of Cedar Rapids, Iowa. The loan was granted and they received $500,000 to help grow their Cedar Rapids, Iowa business.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
CEDAR RAPIDS, IA 52402

SBA Loan Lender

FARMERS & MERCHANTS SAVINGS BK
4020 FIRST AVE NE
CEDAR RAPIDS, IA 52402

The issuing bank for this loan is an SBA 7A lender. Under this program, banks that work with the SBA are able to provide business loans to American small businesses.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

7/15/2002

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. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 42 employees. The SBA loan documents did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Getting an SBA Loan For Your Business

If you want money for new small business in Cedar Rapids IA, you ought to talk with a local Cedar Rapids SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Cedar Rapids businesses.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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