Getting an SBA Loan for Limited-Service Restaurants

Looking for business loans for limited-service restaurants? Talk to a banker who works with the SBA. This $150,000 limited-service restaurants loan was issued by a Minnesota bank.

Getting a small business loan in Champlin, Minnesota was important for this business back in 2003 and, based on their loan application, they were successful in getting an SBA loan from Landmark Commun Bank, operating out of Ramsey, Minnesota. Here are the details on this Minnesota small business loan.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
CHAMPLIN, MN 55316

SBA Loan Lender

LANDMARK COMMUN BANK
14150 ST FRANCIS BLVD NW
RAMSEY, MN 55303

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.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

7/1/2003

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $127,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 10 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to increase staffing levels or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

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

Related Links:

SBIR Funding

Find an SBA Lender in Ramsey, Minnesota

Getting a Business Loan in Minnesota