Full-Service Restaurants Loans

With these loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $68,282 was given to a Maine entrepreneur in 2006.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Falmouth, Maine was able to borrow $68,282 from Gorham Savings Bank. The SBA made the loan possible by guaranteeing $34,141 of this Maine small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
FALMOUTH, ME 04105

SBA Loan Lender

GORHAM SAVINGS BANK
64 MAIN ST
GORHAM, ME 04038

This lender processed this bank loan under the SBA Express program, which offers a streamlined review process in which bankers can process SBA loan applications on an expedited basis.

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

3/24/2006

Loan Approval Gross Amount

$68,282

Loan Approval from the SBA

Of the total $68,282 loan amount, the SBA guaranteed $34,141.

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 22 employees. This SBA loan request indicated that the loan would help retain 22 existing jobs.

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.

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:

Small Business Credit Cards

Find an SBA Lender in Gorham, Maine

SBA Maine Banks