How to Get a Loan for Full-Service Restaurants

With these commercial loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $500,000 was given to a Minnesota entrepreneur in 2003.

This business received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with North Shore Bank Of Commerce, out of Duluth, Minnesota. The loan was granted and they received $500,000 to help grow their Duluth, Minnesota business.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
DULUTH, MN 55802

SBA Loan Lender

NORTH SHORE BANK OF COMMERCE
17 CALVARY RD
DULUTH, MN 55803

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This SBA loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

3/14/2003

Loan Approval Gross Amount

$500,000

Loan Approval from the SBA

Of the total $500,000 loan amount, the SBA guaranteed $375,000.

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 30 employees. This SBA loan request did not indicate that the SBA funding recipient planned to use the loan proceeds to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

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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Raising Money in Duluth, Minnesota With SBA Loans

How to Get a Loan for Full-Service Restaurants