Bank Loans for Full-Service Restaurants

Looking for bank loans for full-service restaurants? Talk to a banker who works with the SBA. This $1,350,000 full-service restaurants loan was issued by a New Jersey bank.

This small firm received financial assistance through the SBA's lending programs back in 2003. They applied for an SBA loan with Bnb Bank, National Association, out of Fort Lee, New Jersey. The loan was granted and they received $1,350,000 to help grow their Farmingdale, New Jersey business.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
FARMINGDALE, NJ 07740

SBA Loan Lender

BNB BANK, NATIONAL ASSOCIATION
2024 CENTER AVE
FORT LEE, NJ 07024

This bank was authorized by the United States Small Business Administration (SBA) as an official lender for the SBA Preferred Lender Program (PLP). Only the most active and experienced lenders qualify for this SBA lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

11/4/2003

Loan Approval Gross Amount

$1,350,000

Loan Approval from the SBA

Of the total $1,350,000 loan amount, the SBA guaranteed $999,945.

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 43 employees. The SBA loan application for the borrower indicated that the loan would help generate 43 new jobs and retain 43 existing jobs.

Next Steps for Getting an SBA Loan

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.

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 Bnb Bank, National Association 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.

Related Links:

Small Business Credit Cards

SBA 7A Banks in Fort Lee, New Jersey

Find an SBA Lender in New Jersey