Raising Money for Full-Service Restaurants

Looking for business loans for full-service restaurants? An SBA loan may be just what you've been looking for. This $38,700 full-service restaurants loan was issued by an Ohio bank.

This small business knew how to go about getting a business bank loan. Based in Delta, Ohio, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was National City Bank, based in Cleveland, Ohio.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
Delta, OH 43515

SBA Loan Lender

NATIONAL CITY BANK
1900 E 9TH ST
CLEVELAND, OH 44114

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

8/16/2005

Loan Approval Gross Amount

$38,700

Loan Approval from the SBA

Of the total $38,700 loan amount, the SBA guaranteed $19,350.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 55 employees. The SBA loan documents indicated that the loan would help retain 55 existing jobs.

Next Steps for Getting an SBA Loan

If you are wondering how to find money to start a business or need money to grow a business, an SBA loan can be a great source of funding.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

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 7A Banks in Cleveland, Ohio

Getting an SBA Loan in Ohio