Business Loans for Full-Service Restaurants

Looking for business loans for full-service restaurants? The SBA may be the answer. This $50,000 full-service restaurants loan was issued by a North Dakota bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Grand Forks, North Dakota was able to borrow $50,000 from Bremer Bank. The SBA made the loan possible by guaranteeing $40,000 of this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: EATING PLACES
GRAND FORKS, ND 58201

SBA Loan Lender

BREMER BANK
3100 S COLUMBIA RD
GRAND FORKS, ND 58201

This lender issued this business loan under the SBA's 7A loan, in which the SBA provides guaranteed loans to small business owners. This lending program dates back to 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

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

6/21/2000

Loan Approval Gross Amount

$50,000

Loan Approval from the SBA

Of the total $50,000 loan amount, the SBA guaranteed $40,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 42 employees. The SBA loan documents did not indicate that the SBA funding recipient planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA guaranteed loans are made by private lenders and are guaranteed by the SBA with funds appropriated by Congress.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Bremer Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

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:

Debt Financing

Where to Get an SBA Loan in Grand Forks, North Dakota

North Dakota SBA 7A Lenders