Getting an SBA Loan for Full-Service Restaurants
Looking for business loans for full-service restaurants? An SBA loan may be just what you've been looking for. This $60,000 full-service restaurants loan was issued by a New York bank.
Getting a small business loan in Floral Park, New York was important for this business back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Carver Federal Savings Bank, operating out of New York City, New York. Here are the details on this New York small business loan.
SBA Loan Borrower
COMPANY TYPE: EATING PLACES
FLORAL PARK, NY 11001
SBA Loan Lender
CARVER FEDERAL SAVINGS BANK
111 LIVINGSTON ST
NEW YORK CITY, NY 11201
This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.
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
5/14/2001
Loan Approval Gross Amount
$60,000
Loan Approval from the SBA
Of the total $60,000 loan amount, the SBA guaranteed $51,000.
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 5 employees. The SBA loan documents did not indicate that the SBA funding recipient promised to use the funding to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
If you are interested in getting money to start a business or need money for an existing business, an SBA loan can be a great source of funding.
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 Carver Federal Savings Bank 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.
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