Financing for Full-Service Restaurants

Looking for loans for full-service restaurants? Talk to a banker who works with the SBA. This $75,000 full-service restaurants loan was issued by a Minnesota bank.

This company received financial assistance through the SBA's lending programs back in 2007. They applied for an SBA loan with First State Bank Of St. Joseph, out of Saint Joseph, Minnesota. The loan was granted and they received $75,000 to help grow their Cold Springs, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
COLD SPRINGS, MN 56320

SBA Loan Lender

FIRST STATE BANK OF ST. JOSEPH
400 4TH AVE NE
SAINT JOSEPH, MN 56374

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

722110 - Full-Service Restaurants

Loan Approval Date

5/14/2007

Loan Approval Gross Amount

$75,000

Loan Approval from the SBA

Of the total $75,000 loan amount, the SBA guaranteed $37,500.

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 25 employees. The loan application indicated that the loan would help generate 25 new jobs.

Next Steps for Getting an SBA Loan

Although it's called an SBA loan, you 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.

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:

Microlending as a Small Business Funding Source

SBA Approved Banks in Saint Joseph, Minnesota

Getting an SBA Loan in Minnesota