Bank Loans for Full-Service Restaurants

Looking for bank loans for full-service restaurants? Talk to a banker who works with the SBA. This $203,000 full-service restaurants loan was issued by a Minnesota bank.

This company knew how to go about getting a business bank loan. Based in Edina, Minnesota, they applied for and were awarded an SBA-guaranteed loan in 2004. The lending bank was 21st Century Bank, based in Loretto, Minnesota.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
EDINA, MN 55439

SBA Loan Lender

21ST CENTURY BANK
699 N MEDINA ST
LORETTO, MN 55357

This loan for a small business was issued by a lender that participates in the SBA Express Loans program. SBA Express loans can be issued in as little as 36 hours.

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

8/11/2004

Loan Approval Gross Amount

$203,000

Loan Approval from the SBA

Of the total $203,000 loan amount, the SBA guaranteed $101,500.

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 80 employees. This SBA loan request indicated that the loan would help generate 40 new jobs and retain 40 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into 21st Century Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

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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