Where to Get Capital for Limited-Service Restaurants

Looking for small business loans for limited-service restaurants? An SBA loan may be just what you've been looking for. This $1,611,000 limited-service restaurants loan was issued by a New Jersey bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Columbia, South Carolina was able to borrow $1,611,000 from Cit Small Business Lending Corp. The SBA made the loan possible by guaranteeing $969,016 of this South Carolina small business loan.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
COLUMBIA, SC 29206

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

As a member of the SBA's Preferred Lender Program (PLP), this bank is able to streamline the underwriting process and provide a favorable credit decision on behalf of the SBA for long-term loans. PLP lenders can cut through the red tape and accelerate the loan approval process.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

8/3/2001

Loan Approval Gross Amount

$1,611,000

Loan Approval from the SBA

Of the total $1,611,000 loan amount, the SBA guaranteed $969,016.

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 51 employees. The SBA loan application for the borrower indicated that the loan would help generate 2 new jobs and retain 53 existing jobs.

Getting an SBA Loan For Your Business

Don't apply for a loan directly with the SBA. You need to 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.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $1,611,000 loan. Remember, you control your own destiny.

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:

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SBA Participating Banks in Livingston, New Jersey

New Jersey SBA Bank Lenders