Limited-Service Restaurants Loans
Looking for loans for limited-service restaurants? An SBA loan may be just what you've been looking for. This $535,000 limited-service restaurants loan was issued by a Rhode Island bank.
This small firm knew how to go about getting a business bank loan. Based in Gorham, Maine, they applied for and were awarded an SBA-guaranteed loan in 2007. The lending bank was Home Loan Invest Bank F.S.B., based in Warwick, Rhode Island.
SBA Loan Borrower
COMPANY TYPE: LIMITED-SERVICE RESTAURANTS
GORHAM, ME 04038
SBA Loan Lender
HOME LOAN INVEST BANK F.S.B.
1 HOME LOAN PLAZA, STE 3
WARWICK, RI 02886
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
722211 - Limited-Service Restaurants
Loan Approval Date
3/19/2007
Loan Approval Gross Amount
$535,000
Loan Approval from the SBA
Of the total $535,000 loan amount, the SBA guaranteed $401,250.
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 only one employee. The SBA loan application for the borrower indicated that the loan would help generate 29 new jobs and retain 1 existing job.
Getting an SBA Loan For Your Business
Every year, the SBA guarantees over $10 billion for loans just like this one.
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 Home Loan Invest Bank F.S.B. 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:
Accountant's Role in Securing Financing
Small Business Banks in Warwick, Rhode Island
Getting an SBA Loan in Rhode Island