Bank Loans for Full-Service Restaurants

With these bank loans for full-service restaurants, the SBA guarantees the lender that the loan will be repaid. This full-service restaurants loan for $160,500 was given to a Maine entrepreneur in 2005.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Farmington (census Name For Fa, Maine was able to borrow $160,500 from Franklin Savings Bank. The SBA made the loan possible by guaranteeing $80,250 of this Maine small business loan.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
FARMINGTON (CENSUS NAME FOR FA, ME 04938

SBA Loan Lender

FRANKLIN SAVINGS BANK
197 MAIN ST
FARMINGTON, ME 04938

This was an SBA Express loan. SBA Express Loans allow small business owners to get up to a 50% SBA guaranty on a loan. The maximum amount for an SBA Express Loan is $350,000.

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

1/26/2005

Loan Approval Gross Amount

$160,500

Loan Approval from the SBA

Of the total $160,500 loan amount, the SBA guaranteed $80,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 55 employees. This SBA loan request indicated that the loan would help generate 5 new jobs and retain 55 existing jobs.

Getting an SBA Loan For Your Business

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

While you may be able to borrow money from friends and family, the SBA is a tried and true source for small business loan guarantees. This loan shows that any business with ambition and the right qualifications can get an SBA loan.

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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