Raising Money for Limited-Service Restaurants

Looking for business loans for limited-service restaurants? Talk to a banker who works with the SBA. This $149,000 limited-service restaurants loan was issued by a North Carolina bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Fayetteville, North Carolina was able to borrow $149,000 from Wachovia Bank. The SBA made the loan possible by guaranteeing $74,500 of this North Carolina small business loan.

SBA Loan Borrower

COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
Fayetteville, NC 28314

SBA Loan Lender

WACHOVIA BANK
301 S COLLEGE ST MAIN LOBBY
CHARLOTTE, NC 28202

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

722211 - Limited-Service Restaurants

Loan Approval Date

10/11/2007

Loan Approval Gross Amount

$149,000

Loan Approval from the SBA

Of the total $149,000 loan amount, the SBA guaranteed $74,500.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 17 employees. The SBA loan documents indicated that the loan would help generate 10 new jobs and retain 17 existing jobs.

Next Steps for Getting an SBA Loan

SBA loans make it possible for banks to offer loans more easily and provide them with more flexible terms than conventional loan options.

If you need emergency business money, the SBA has special programs for you. We've put a spotlight on this loan from Wachovia Bank so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

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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