Raising Money 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 $58,000 was given to an Illinois entrepreneur in 2000.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Decatur, Illinois was able to borrow $58,000 from First Mid-Illinois Bank & Trust. The SBA made the loan possible by guaranteeing $46,400 of this Illinois small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
DECATUR, IL 62521

SBA Loan Lender

FIRST MID-ILLINOIS BANK & TRUST
1515 CHARLESTON AVE
MATTOON, IL 61938

This lender issued this particular small business loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.

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

10/23/2000

Loan Approval Gross Amount

$58,000

Loan Approval from the SBA

Of the total $58,000 loan amount, the SBA guaranteed $46,400.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 16 employees. The SBA loan application for the borrower did not indicate that the SBA funding recipient planned to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

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.

While you may be able to find business people willing to loan money, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications 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.

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