Getting an SBA Loan for Full-Service Restaurants
Looking for business loans for full-service restaurants? Talk to a banker who works with the SBA. This $150,000 full-service restaurants loan was issued by a Massachusetts bank.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Chicopee, Massachusetts was able to borrow $150,000 from Td Banknorth. The SBA made the loan possible by guaranteeing $112,500 of this Massachusetts small business loan.
SBA Loan Borrower
COMPANY TYPE: EATING PLACES
CHICOPEE, MA 01012
SBA Loan Lender
TD BANKNORTH
1441 MAIN ST
SPRINGFIELD, MA 01103
This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Today, you can borrow up to $100,000 through the low-doc SBA program.
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
5/19/2000
Loan Approval Gross Amount
$150,000
Loan Approval from the SBA
Of the total $150,000 loan amount, the SBA guaranteed $112,500.
More Information on This SBA Loan
The borrower borrowed this money for an existing 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 12 employees. This SBA loan request did not indicate that the business planned to use the loan proceeds to increase staffing levels or retain any existing employees.
Next Steps for Getting an SBA Loan
If you need money to start a business or already have a business and need money to expand, an SBA loan can be a great way to raise money
This company got an SBA loan. You can too! Maybe you want money for start up business? Maybe you need money to buy a business? Regardless of why you need money, guaranteed SBA loans may be the right answer for you.
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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