Full-Service Restaurants SBA Loans

Looking for SBA loans for full-service restaurants? The SBA may be the answer. This $920,500 full-service restaurants loan was issued by a South Carolina bank.

This small business received financial assistance through the SBA's lending programs back in 2006. They applied for an SBA loan with American Community Bank, out of Gaffney, South Carolina. The loan was granted and they received $920,500 to help grow their Gaffney, South Carolina business.

SBA Loan Borrower

COMPANY TYPE: FULL-SERVICE RESTAURANTS
GAFFNEY, SC 29341

SBA Loan Lender

AMERICAN COMMUNITY BANK
217 N GRANARD ST
GAFFNEY, SC 29341

SBA 7a lending is the most popular loan program offered by the Small Business Association (SBA), a federal lending guaranty program. This commercial loan was issued via the SBA 7a lending program.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

722110 - Full-Service Restaurants

Loan Approval Date

7/19/2006

Loan Approval Gross Amount

$920,500

Loan Approval from the SBA

Of the total $920,500 loan amount, the SBA guaranteed $690,375.

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 8 employees. The SBA loan documents did not indicate that the small business planned to use the loan proceeds to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

The SBA is an excellent funding resource for business owners who cannot easily find funding through conventional funding sources. Banks like American Community Bank are ready to help you through the process. Whether you need money to open a store, need money to launch a startup business, or are raising money as working capital for an existing entity, the SBA is there for you.

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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