Borrowing Money for Full-Service Restaurants

With these loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $1,958,000 was given to an Indiana entrepreneur in 2005.

This small firm knew how to go about getting a business bank loan. Based in Evansville, Indiana, they applied for and were awarded an SBA-guaranteed loan in 2005. The lending bank was American Enterprise Bank, based in Buffalo Grove, Illinois.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
EVANSVILLE, IN 47501

SBA Loan Lender

AMERICAN ENTERPRISE BANK
600 N BUFFALO GROVE RD
BUFFALO GROVE, IL 60089

This lender issued this commercial loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began 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

722110 - Full-Service Restaurants

Loan Approval Date

3/11/2005

Loan Approval Gross Amount

$1,958,000

Loan Approval from the SBA

Of the total $1,958,000 loan amount, the SBA guaranteed $1,468,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing 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 130 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.

Start the Process for Getting an SBA Loan Today!

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $1,958,000 loan. Remember, where there is a will, there is a way!

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:

Banking Deregulation's Effects on Entrepreneurship

SBA 7A Banks for Buffalo Grove, Illinois Loans

Where to Get an SBA Loan Illinois