Limited-Service Restaurants Commercial Loans

With these commercial loans for limited-service restaurants, the SBA guarantees the lender that the loan will be repaid. This limited-service restaurants loan for $282,000 was given to an Illinois entrepreneur in 2005.

This small business knew how to go about getting a business bank loan. Based in Edwardsville, Illinois, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was Spectrum Bank, based in Irvine, California.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
EDWARDSVILLE, IL 62025

SBA Loan Lender

SPECTRUM BANK
15615 ALTON PKWY
IRVINE, CA 92618

This lender issued this SBA loan under the SBA 7A lending program , in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

5812 - Eating Places

NAICS Code

722211 - Limited-Service Restaurants

Loan Approval Date

9/16/2005

Loan Approval Gross Amount

$282,000

Loan Approval from the SBA

Of the total $282,000 loan amount, the SBA guaranteed $211,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 6 employees. The SBA loan documents did not indicate that the small business promised to use the money to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

If you need business start up money in Edwardsville IL, you ought to talk with a local Edwardsville SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Edwardsville businesses.

Wondering how to raise money quickly? With the SBA's Preferred Lenders Program, LowDoc Program, SBAExpress and CommunityExpress loan programs, an SBA loan can be approved and funded in two days. This company did everything right to get a $282,000 loan. It's not easy, but why not give getting an SBA loan of your own a try?

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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